UNITED STATES DISTRICT COURT 

FOR THE EASTERN DISTRICT OF PENNSYLVANIA 

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IN RE: ISOLAGEN, INC. 

SECURITIES & DERIVATIVE LITIGATION

THIS DOCUMENT RELATES TO: 

 No. 2:05-cv-04983-RB and 

 Consolidated Class Actions 

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MDL NO. 1741 

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REPORT OF JANE D. NETTESHEIM 

February 4, 2008 

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Table of Contents 

I. Background and Qualifications........................................................................................... 1 

II. Scope of Engagement ......................................................................................................... 1 

III. Bases for Opinions.............................................................................................................. 2 

IV. Summary of Opinions......................................................................................................... 3 

V. Market Efficiency: Securities prices in efficient markets reflect the market’s consensus 

as to fair value given all publicly available information at the time of purchase or sale.... 4 

VI. Application of the Cammer Factors as Indicia of the Efficiency of the Market for 

Isolagen’s Stock.................................................................................................................. 7 

A. Cammer Factor 1: Weekly Trading Volume ...................................................................... 7 

B. Cammer Factor 2: The Number of Securities Analysts Following and Reporting on 

Isolagen............................................................................................................................... 9 

C. Cammer Factor 3: The Number of Market Makers in Isolagen’s Stock........................... 10 

D. Cammer Factor 4: Whether Isolagen was Eligible to File SEC Form S-3 ....................... 16 

E. Cammer Factor 5: Empirical Facts Showing a Cause-and-Effect Relationship between 

Unexpected Corporate Events or Financial Releases and an Immediate Response in the 

Stock Price ........................................................................................................................ 16 

F. Summary Regarding the Market Efficiency of Isolagen’s Stock ..................................... 33 

VII. The Convertible Notes ...................................................................................................... 34 

VIII. Materiality......................................................................................................................... 38 

IX. Loss Causation.................................................................................................................. 40 

Appendix: Regression Analysis and Event Study ..................................................................... A–1 

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I, JANE D. NETTSEHIEM, declare: 

I. Background and Qualifications 

1. I am a financial economist and vice president of Stanford Consulting Group, Inc. 

(“SCG”), which provides research, consulting, and expert services in financial economics and 

related areas to clients, including government agencies, corporations, and law firms. I have a 

B.A. in biology from the University of Colorado and an M.B.A. from the University of Hawaii, 

and I completed the coursework in the Ph.D. program in finance at the London Business School, 

University of London. My curriculum vitae and the list of the expert testimony I have provided 

by deposition or at trial are attached as Exhibit 1. The fees charged for this project are the 

standard hourly rates of employees of SCG. My current hourly rate is $475. 

2. I have served as a consultant and expert in the areas of market efficiency, 

materiality, loss causation and the calculation of damages in many securities class actions. I 

have examined the relationship between stock price movements and changes in market and 

industry indices for a number of stocks in a variety of industries. I also have examined the 

relationship between information releases and changes in stock prices for a number of companies 

in a variety of industries. I have analyzed various data sources for information about 

shareholdings and trading activity for different types of market participants. 

II. Scope of Engagement 

3. I have been retained by Counsel for Lead Plaintiffs in this class action to provide 

expert opinions on the efficiency of markets for Isolagen, Inc. (“Isolagen” or the “Company”) 

common stock during the period March 3, 2004 through August 9, 2005, inclusive (the “Class 

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Period”).1

 I also have been asked to examine the $90 million convertible subordinated notes due 

November 1, 2024 (the “Convertible Notes”). I also have been asked to conduct an analysis of 

materiality and loss causation pertaining to the alleged misrepresentations and omissions in this 

matter, and to address the causes of the decline in Isolagen’s stock price during and immediately 

following the Class Period. 

4. The opinions offered in this Report are subject to refinement or revision based on 

continuing analysis of the documents and materials listed below, as well as new or additional 

information which may be provided to or obtained by me in the course of this matter. I expect to 

review additional information and documents, including information and documents that may 

become available through discovery and the reports and depositions of other expert witnesses. 

Because discovery is stayed in this action, this analysis is preliminary and based on the public 

information available to me at this time. I assume that the allegations described in the Complaint 

are true. 

III. Bases for Opinions 

5. My opinions expressed in this Report are based upon my professional knowledge 

and experience, as well as on a review of documents and information relevant to this matter. 

Exhibit 2 lists the materials I have obtained from Counsel or other identified sources. The 

materials I have relied upon in forming my opinions in this Report are identified in this Report 

and its exhibits. Such documents and information are those typically relied upon by financial 

experts in securities class actions or by financial economists in their research. I reserve the right 

 

1

 During the Class Period, Isolagen’s common stock was listed on the American Stock Exchange, 

Inc. (“AMEX”) exchange under the ticker “ILE.” Isolagen’s stock also traded on the Frankfurt 

exchange. The total reported trading volume during the Class Period on the Frankfurt stock 

exchange is 33,980 shares (data are available as of April 13, 2005). (Source: FactSet Research 

Systems, Inc.) Shares traded on the Frankfurt stock exchange are not considered in this analysis. 

Herein, “Isolagen stock” refers to the common stock of Isolagen listed on the AMEX. 

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to modify or supplement my opinions expressed herein in the event that further information 

becomes available to me. 

IV. Summary of Opinions 

6. Based on my review of the evidence in this matter and analysis of data and 

information specific to Isolagen and its securities, I conclude that the market for the Isolagen 

stock during the Class Period was open, developed, and efficient. The Convertible Notes were 

convertible into an efficiently traded security, Isolagen common stock, from their date of issue 

through, at least, the end of the Class Period. The daily percent price changes (returns) on the 

matrix prices of the Convertible Notes were highly correlated with the daily percent price 

changes (returns) on Isolagen common stock. 

7. Based on my review of the evidence in this matter and analysis of data and 

information specific to Isolagen and its securities during the Class Period, I conclude that a 

significant part of the decline in the prices of Isolagen stock and Convertible Notes during and 

immediately following the end of the Class Period was caused by partial disclosures of the 

alleged fraud in this matter. Had the alleged misrepresentations not occurred, i.e., the 

information that Lead Plaintiffs allege was misrepresented and/or omitted was not 

misrepresented or omitted earlier in the Class Period, the prices of Isolagen stock and 

Convertible Notes would have traded at prices materially lower than the prices at which they did 

trade during the Class Period. The misrepresentations and omissions alleged by Lead Plaintiffs 

caused the prices of the Isolagen Securities to be inflated during the Class Period as evidenced by 

the decline in the prices of Isolagen stock and Convertible Notes upon the partial disclosures of 

the alleged fraud during and immediately following the Class Period. 

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V. Market Efficiency: Securities prices in efficient markets reflect the market’s 

consensus as to fair value given all publicly available information at the time of purchase or 

sale 

8. Over the past thirty years, the efficient capital market hypothesis (“ECMH”) has 

risen to a prominent position in financial and economic theory. In its most commonly held 

form—known as “semi-strong”—the ECMH states that the securities markets incorporate all 

publicly available information. This hypothesis has been empirically validated in numerous 

studies.2 The ECMH also has stood up against its critics; while anomalies have occurred in 

financial markets, they are random and do not allow for trading strategies that would create 

abnormal profits.3, 4 

 

2 See, e.g., Eugene F. Fama, “Efficient Capital Markets: A Review of Theory and Empirical 

Work,” Journal of Finance; Volume 25, Issue 2; May, 1970; pp. 383–417. In this article, Fama 

provides an overview of a number of studies supporting the efficiency of capital markets. 

3

 Fama, Eugene F., “Market Efficiency, Long-term Returns, and Behavioral Finance,” Journal of 

Financial Economics Vol. 49, 283–306 (1998). As Fama states: “Consistent with the market 

efficiency hypothesis that the anomalies are chance results, apparent overreaction to information 

is about as common as underreaction, and post-event continuation of pre-event abnormal returns 

is about as frequent as post-event reversal. Most important, consistent with the market efficiency 

prediction that apparent anomalies can be due to methodology, most long-term return anomalies 

tend to disappear with reasonable changes in technique.” 

4

 Malkiel, Burton G., “The Efficient Market Hypothesis and Its Critics,” Journal of Economic 

Perspectives Vol. 17, 59–82 (Winter 2003). Malkiel writes “Before the fact, there is no way in 

which investors can reliably exploit any anomalies or patterns that might exist. ... [T]hese 

patterns are not robust and dependable in different sample periods, and some of the patterns 

based on fundamental valuation measures of individual stocks may simply reflect better proxies 

for measuring risk. ... Many of the predictable patterns that have been discovered may simply be 

the result of data mining.” He further quotes Richard Roll, an eminent academic financial 

economist and portfolio manager, “I have personally tried to invest money, my client’s money 

and my own, in every single anomaly and predictive device that academics have dreamed up. ... 

I have attempted to exploit the so-called year-end anomalies and a whole variety of strategies 

supposedly documented by academic research. And I have yet to make a nickel on any of these 

supposed market inefficiencies ... a true market inefficiency ought to be an exploitable 

opportunity. If there’s nothing investors can exploit in a systematic way, time in and time out, 

then it’s very hard to say that information is not being properly incorporated into stock prices.” 

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9. The fraud-on-the-market theory relies on informational efficiency, specifically 

that the price of the security reflects publicly available information. For a defendant statement to 

have impacted stock prices, the market must be informationally efficient. Informational 

efficiency also has been cited recently by Courts as an appropriate measure of market efficiency 

in certain securities cases.5

10. In an efficient market, investors can rely on the market price as reflecting all 

publicly available information. In other words, the price at which an investor can buy or sell a 

security is the market’s consensus as to that security’s fair value given all of the publicly 

available information at the time of purchase or sale. 

11. The seminal Rule 10b-5 case of the 1980’s, Basic Inc. v. Levinson, clarified that 

because most publicly available information is reflected in the market price, an investor’s 

reliance on any public material misrepresentations may be presumed for purposes of a Rule 10b5 action. 

The fraud on the market theory is based on the hypothesis that, in an open and 

developed securities market, the price of a company’s stock is determined by the 

available material information regarding the company and its business. ... 

Misleading statements will therefore defraud purchasers of stock even if the 

purchasers do not directly rely on the misstatements. ... The causal connection 

between the defendants’ fraud and the plaintiffs’ purchase of stock in such a case 

is no less significant than in a case of direct reliance on misrepresentations.6 

12. The fraud-on-the-market theory permits investors in an efficient market to rely on 

the market price, even though that price may contain the effects of misrepresentations or 

omissions. The Basic court noted: 

 

5 See In re PolyMedica Corp. Securities Litigation, No. 05-1220, slip op. (1st Cir. Dec. 13, 2005); 

See also In re Xcelera.com Securities Litigation, No. 05-1221, slip op. (1st Cir. Dec. 13, 2005). 

6 Basic Inc. v. Levinson, 485 U.S. 224 p. 241–242 (1988). Quoting Peil v. Speiser, 806 F.2d 

1154, 1160–61 (3d Cir. 1986). 

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In an open and developed market, the dissemination of material 

misrepresentations or withholding of material information typically affects the 

price of the stock, and purchasers generally rely on the price of the stock as a 

reflection of its value.7

13. A direct empirical test of market efficiency is to examine price responsiveness to 

the release of new and material information. If the security price responds quickly, the response 

supports a conclusion that the market for the security is efficient. As an indirect test of 

efficiency, one can examine whether market conditions promote efficiency. Case precedent 

exists on such indirect indicators of market efficiency. The Cammer Court found that for the 

market for a particular security to be efficient, the following two criteria should be met:8

• it should trade in an open market in which anyone, or at least a large number of 

persons, can buy or sell; 

• it should trade in a developed market which has a relatively high level of activity 

and frequency, and for which trading information (e.g., price and volume) is widely 

available. It usually, but not necessarily, has continuity and liquidity (the ability to 

absorb a reasonable amount of trading with relatively small price changes). 

14. Specifically, the Cammer Court identified five factors that may be considered in 

determining whether a market for a stock is efficient and, therefore, whether security prices 

respond quickly to new relevant information. These factors include both a direct empirical test, 

 

7 Basic Inc. v. Levinson, 485 U.S. 224 at 244 (1988). Quoting Peil v. Speiser, 806 F.2d 1154, 

1161 (3d Cir. 1986). 

8 Cammer v. Bloom, 711 F. Supp. 1264, 1276 n. 17 (D.N.J. 1989): “Definitions of the key terms 

which underlie the fraud on the market theory were offered by commentators Bromberg & 

Lowenfels, 4 Securities Fraud and Commodities Fraud, §8.6 (Aug.1988).” 

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as well as indirect indicators, of the efficiency of a market for a security. In forming my opinion, 

I have considered each of the five Cammer factors as applied to the market for Isolagen stock:9

i. whether the security trades at a large weekly volume; 

ii. whether analysts follow and report on the security; 

iii. whether the security has market makers and whether there is a potential for 

arbitrage activity; 

iv. whether the company is eligible to file Securities and Exchange Commission 

(“SEC”) Form S-3; and 

v. whether there are empirical facts showing a cause-and-effect relationship between 

unexpected corporate events or financial information releases, and an immediate response 

in the security’s price. 

15. The Cammer factors address informational efficiency, i.e., whether the market 

conditions exist such that when material, new, unexpected information is released, the price of 

the company’s security changes to reflect the new mix of public information. Consideration of 

the Cammer factors supports my conclusion that the market for Isolagen stock during the Class 

Period was informationally efficient. 

VI. Application of the Cammer Factors as Indicia of the Efficiency of the Market for 

Isolagen’s Stock 

A. Cammer Factor 1: Weekly Trading Volume 

16. A market is liquid if investors can trade a large number of shares on demand and, 

absent new information, an individual investor can buy and sell without affecting the price. The 

high level of trading activity associated with trading in Isolagen’s stock during the Class Period 

indicates that Isolagen’s stock traded in a liquid market. High trading volume generally indicates 

 

9 Cammer, 711 F. Supp. pp. 1285–87. 

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that there is sufficient interest in the company and its stock such that analysts will conduct 

research and report their analysis to market participants. Liquidity and high trading volume also 

allows investors to quickly buy and sell shares when their assessments about the value of a 

company’s stock have changed. 

17. According to one authority, “turnover measured by average weekly trading of 2% 

or more of the outstanding shares would justify a strong presumption that the market for the 

security is an efficient one; 1% would justify a substantial presumption.”10 

18. During the Class Period, the average weekly reported trading volume for 

Isolagen’s stock was 1.36 million shares. (See Exhibit 3 for the daily reported closing prices and 

volume of Isolagen’s stock, and Exhibit 4 for a summary of weekly trading of Isolagen’s stock.) 

Isolagen’s shares issued and outstanding totaled approximately 26.78 million shares at the start 

of the Class Period and approximately 30.26 million shares at the end of the Class Period. The 

average weekly trading volume for Isolagen stock was 4.5% of shares outstanding. 

19. The annualized turnover ratio is the annual reported trading volume divided by 

the number of shares outstanding. Total trading volume of Isolagen’s stock during the Class 

Period was 103.25 million shares, compared to 30.26 million shares outstanding at the end of the 

Class Period. This is an annualized turnover ratio (share volume during the Class Period divided 

by shares outstanding divided by the time period in years) of 238%. By comparison, in 2004 and 

2005, the average annualized turnover ratio for the New York Stock Exchange (“NYSE”) listed 

stock was 99% and 103%, respectively.11 

 

10 Cammer at 1293, citing Bromberg. 

11 http://www.nyxdata.com/nysedata/asp/factbook/viewer_interactive.asp?hidCategory=14 (I 

report NYSE annualized statistics here because I have not found comparable statistics for the 

AMEX.) 

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20. Given the volume of trading relative to the number of shares outstanding, 

Isolagen’s stock experienced high weekly trading volumes and annualized turnover ratio. 

Isolagen’s high trading volume indicates that the market for Isolagen’s stock was efficient during 

the Class Period. 

B. Cammer Factor 2: The Number of Securities Analysts Following and Reporting on 

Isolagen 

21. Securities analysts research and report to investors on the financial condition and 

prospects of a covered company. In conducting their research, analysts typically have greater 

resources available to them than do individual investors. Analysts are conduits to the market for 

information collected from management from on-site visits, conference calls accompanying key 

company announcements, and other contacts with senior management. Analysts can channel 

new information to the market rapidly through their published reports, online reporting services 

such as First Call, and alerts given to clients and other employees of the same investment firm. 

Analysts thus facilitate the dissemination of new information to investors and share price 

reaction to new information. 

22. During the Class Period, securities analysts from at least four firms reported on 

Isolagen, including: Adams Harkness, Inc. (“Adams Harkness”); CIBC World Markets 

(“CIBC”); Legg Mason; and UBS Equities (“UBS”). Exhibit 5 contains a list of analyst reports 

for Isolagen issued during the Class Period.12 There were at least 90 analyst reports published 

 

12 Exhibit 5 contains a list of reports that are available from Thomson Research 

(www.investext.com) from a search of “Isolagen” in the “Company” field, and from Reuters 

from a search of “ILE” in the Primary Ticker (Exhibit 6 excludes duplicative reports between the 

two sources and excludes reports that provide only information available through the Company’s 

SEC filings or conference call transcripts.). This is potentially only a partial list of analyst 

reports on Isolagen because certain firms do not make their analysts’ reports available through 

public databases. 

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about Isolagen during the Class Period which supports my conclusion that there was an efficient 

market for Isolagen’s stock during that time. 

C. Cammer Factor 3: The Number of Market Makers in Isolagen’s Stock 

23. This third Cammer factor applies directly to stocks traded on the NASDAQ 

because that exchange uses market makers to facilitate market efficiency. The AMEX, where 

Isolagen stock was traded prior to and during the Class Period, uses specialists to facilitate an 

orderly and efficient market for each security. As there is but one specialist for AMEX listed 

stocks, rather than look at the number of market makers, I have examined the role of the 

specialist as well as arbitrage opportunities for Isolagen’s stock. Market makers and specialists 

enable investors to trade promptly upon the arrival of new relevant information, and thereby new 

information can be rapidly reflected in securities prices. 

24. The AMEX assigns one dealer, known as the specialist, to each security traded on 

the AMEX. Trading in every AMEX security is overseen by a specialist stationed on the trading 

floor. AMEX specialists are experienced market professionals from leading firms in the financial 

industry. As members of the American Stock Exchange, specialists perform a variety of 

functions and must meet specific obligations in order to fulfill their primary responsibility of 

maintaining a fair and orderly market in their securities. 

• Specialists serve as facilitators, employing their extensive knowledge of the market in 

a security to bring together buyers and sellers, and helping them trade directly with 

each other. This skill is particularly important when large blocks of securities are 

brought to the floor. 

• Specialists act as auctioneers, ensuring that the interests of both buyers and sellers are 

represented, and that trading proceeds smoothly and efficiently. 

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• Specialists serve as dealers when there is insufficient public interest to accommodate 

buyers or sellers at prices close to the last trade. In these instances, specialists buy or 

sell from their own account to improve price continuity and liquidity. They also 

participate as dealers on all odd-lot orders. 

• Specialists act as agents or brokers' brokers, holding limit orders entrusted to them by 

brokers on behalf of customers. These away-from-the-market orders constitute the 

“book” and specialists are responsible for seeing that they are executed when the 

market reaches the specified limit price. 

• Specialists are obligated to maintain a fair quotation spread and to stabilize prices for 

their securities, as well as seek price improvement on all orders entrusted to them. 

Amex specialists are carefully regulated to ensure that their activities are limited to these roles so 

that they remain unbiased and willing to buy or sell whenever necessary to enhance liquidity or 

manage price swings.13 

25. Isolagen’s reported specialist during the Class Period was Cohen Specialists. 

Cohen Specialists describe themselves as “a boutique specialist firm with principals who have 

decades of industry experience” and one of AMEX’s top specialty firms. Cohen describes its 

primary responsibility as “maintaining a fair and orderly market for our clients' securities.”14

26. A security’s listing on a national exchange means that financial information about 

that company is readily available to investors, at a minimum, through the company’s SEC 

filings. Listing on the NYSE, AMEX or NASDAQ, means that investors have access to trading 

prices and volumes throughout the trading day. Rules of the national exchanges require that 

investors buy at the lowest ask price and sell at the highest bid price prevailing at the time of 

 

13 http://www.amex.com/atamex/aboutAmex/mktStructure/at_mktStructure.html 

14 http://www.cohenspecialists.com/CohenProfile.htm 

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their trade.15 Because a national exchange brings together many thousands (or millions) of 

investors, trading prices reflect a consensus opinion as to securities’ values. At least one 

authority has said the following: 

... at a minimum, there should be a presumption—probably conditional for class 

determination—that certain markets are developed and efficient for virtually all 

the securities traded there: the New York and American Stock Exchanges, the 

Chicago Board Options Exchange and the NASDAQ National Market System.16 

In the Cammer decision, the Court stated: 

... some may concur with [Defendant’s] suggestion ... that companies listed on 

national stock exchanges or companies entitled to issue new securities using SEC 

Form S-3 would almost by definition involve stock trading in an “open and 

developed” market.17 

27. Isolagen was traded on the AMEX and, as noted above, did file Form S-3s with 

the SEC during the Class Period. The AMEX is a New York City-based stock exchange. 

During the Class Period, the AMEX was the third largest stock exchange in the United States as 

measured by trading volume. The fact that Isolagen was listed and traded on a major exchange 

during the Class Period supports a conclusion that the market for the stock was efficient during 

that period. 

28. The third Cammer factor also addresses the existence of arbitrageurs, generally 

understood to be sophisticated investors who can act rapidly to take advantage of pricing 

discrepancies. Arbitrage has been defined as: 

... the process of earning riskless profits by taking advantage of differential 

pricing for the same physical asset or security. As a widely applied investment 

tactic, arbitrage typically entails the sale of a security at a relatively high price and 

 

15 Market Structure and Trading Volume, Anderson & Dyl, p. 3 (March 2003), available at 

www.nyse.com 

16 Bromberg & Lowenfels, 4 Securities Fraud and Commodities Fraud, Section 8.6 (Aug. 1988) 

(quoted in Cammer, 711 F. Supp at 1292). 

17 Cammer, 711 F. Supp. at 1276-77 (D.N.J. 1989). 

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the simultaneous purchase of the same security (or its functional equivalent) at a 

relatively low price. 

Arbitrage activity is a critical element of modern, efficient security markets. 

Because arbitrage profits are by definition riskless, all investors have an incentive 

to take advantage of them whenever they are discovered. Granted, some investors 

have greater resources and inclination to engage in arbitrage than others. 

However, it takes relatively few of these active investors to exploit arbitrage 

situations and, by their buying and selling actions, eliminate these profit 

opportunities.18

29. Short interest may be an indicator of arbitrage activity as arbitrageurs act to take 

advantage of and thereby eliminate any mispricing which may exist by simultaneously buying 

and selling securities, and/or by borrowing and selling short. A short sale is the sale of a stock 

that an investor does not own. When an investor holds the belief that a stock price will decline, 

he can borrow the stock, sell the stock, and then buy the stock back later to return it to the lender. 

If the price drops between the time that short seller sold the stock and he buys it back, the short 

seller realizes a gain. Thus, short-selling can facilitate market efficiency by allowing borrowing 

and selling of stock for those investors that believe that the price could decline. I have examined 

the level of short interest in Isolagen’s stock in order to determine if there were any impediments 

to short selling or arbitrage opportunities. 

30. During the Class Period there was substantial short interest in Isolagen and large 

changes in short interest. (See Exhibit 6.) The average short interest in Isolagen’s stock 

represented approximately 6.6 % of total shares outstanding. The level of short interest during 

the Class Period indicates that shares could have been and were available to borrow for shortselling. 

31. Economist Gene D’Avolio, while preparing his dissertation for his Ph.D. in 

Business Economics (awarded 2004) at Harvard University, summarized the market for short-

 

18 Sharpe, William F., et al., Investments, (NJ: Prentice Hall) 1999, 6th ed., p. 284. 

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selling in the United States by examining data from April 2000 to September 2001.19 The 

specific data for Isolagen’s stock, or any stock, are not available from this database; however, 

D’Avolio examined a very large sample of data.20 

32. D’Avolio estimated that in the second quarter of 2001, as much as one-quarter of 

the U.S. market capitalization was available as loan supply for short-selling and that 7% of that 

capacity was utilized. In the database that he examined, D’Avolio found that short interest was, 

on average, 2.3% of shares outstanding. During 2001, the type of stock that in D’Avolio’s 

database had excess supply available for borrowing for short-selling, were companies with large 

market capitalization and substantial institutional ownership. D’Avolio also found that common 

stock issued by large companies had low implied loan fees, which indicated that short-selling 

was not restricted and that arbitrage opportunities could be exploited. 

33. The level of short interest in Isolagen’s stock relative to the Company’s shares 

outstanding indicates that short-selling of Isolagen’s stock was not constrained during the Class 

Period and that arbitrage opportunities could be exploited, which is evidence in support of 

market efficiency. 

34. Institutional investors such as pension funds, mutual funds, and investment banks, 

typically have ready access to minute-to-minute financial news and to online bulletins from 

analysts such as those disseminated through First Call. They also expend resources in analyzing 

the value of stocks in which they invest. Thus, the fact of significant institutional ownership is a 

 

19 Gene D’Avolio, “The market for borrowing stock,” Journal of Financial Economics, 

November 2002, vol. 66, pp. 271–306. 

20 One of the largest security lenders in the world that accounts for significantly more than 10% 

of the total market short interest (and for many stocks the lender had sufficient supply to cover 

total short interest on its own) provided a proprietary database to D’Avolio. 

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signal that knowledgeable investors are closely and rapidly scrutinizing sources of company 

information and forming investment opinions that affect share price accordingly.

35. There was substantial institutional ownership of Isolagen stock throughout the 

Class Period. According to data provided by FactSet Research Systems, Inc., more than 50 

institutions held as much as 44% of Isolagen stock.21 (See Exhibit 7.) Institutions and many 

other investors could have sold their shares of Isolagen. In addition, shares held by institutions 

are often available for borrowing by short sellers; thus the large number of institutional 

shareholders and their large shareholdings could facilitate market efficiency by permitting 

whatever short sales arbitrageurs wished to make. 

36. During the Class Period, institutional investors actively traded Isolagen stock, as 

indicated by data from reporting institutions’ filings of Form 13F with the SEC. Exhibit 8 shows 

increases in institutional holdings of Isolagen shares from quarter-end to quarter-end for quarters 

falling in whole or in part within the Class Period, which indicates that institutions were actively 

trading Isolagen stock. Institutional investors, reporting at each quarter-end, increased their 

holdings of Isolagen shares during the Class Period by at least 2.6 million (during the quarter 

ended March 31, 2005) and by as much as 8.7 million shares (during the quarter ended June 30, 

2004). Thus, a substantial number of shares changed hands among the institutional investors 

throughout the Class Period. The presence and trading activity of institutional investors in the 

market for Isolagen’s stock during the Class Period support a conclusion that the market for the 

stock was efficient during that period. 

37. Futhermore, trading in Isolagen stock on the AMEX during the Class Period, 

where the market in the stock was facilitated by a specialist, indicates that the market for 

 

21 Institutions which file Form 13F with the SEC report shares held as of the end of each calendar 

quarter. 

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Isolagen stock was efficient during the Class Period, as does the possibility of arbitrage activity 

via short sales. 

D. Cammer Factor 4: Whether Isolagen was Eligible to File SEC Form S-3 

38. Form S-3 is a simplified registration form that may be used if a company has been 

subject to Securities Exchange Act of 1934 reporting requirements for more than one year, has 

filed all documents in a timely manner during the prior twelve months, and has not, since the last 

audited statements, failed to pay required dividends or sinking funds, nor defaulted on debts or 

material leases.22 Thus, companies that have previously provided what the SEC deems to be 

sufficient public information may incorporate prior filings by reference into current filings, and 

need not repeat such information since it is already widely publicly available. 

39. Isolagen filed Form S-3s during the Class Period on April 28, 2004 and February 

1, 2005, with amended filings on May 17, 2004, June 8, 2004, April 19, 2005, and May 2, 2005. 

That Isolagen was eligible to file Form S-3 with the SEC during the Class Period is another 

factor which supports my conclusion that the market for Isolagen’s stock was efficient. 

E. Cammer Factor 5: Empirical Facts Showing a Cause-and-Effect Relationship 

between Unexpected Corporate Events or Financial Releases and an Immediate 

Response in the Stock Price 

40. According to the ECMH, securities prices in efficient markets incorporate all 

available public information. A direct test of market efficiency is to conduct an event study to 

identify dates on which material new information was released to the market, and to examine 

whether the stock price responded to that information. It is important to note that material new 

information is new once, i.e., once incorporated into the market mix of information with 

 

22 www.sec.gov/info/edgar/forms.htm 

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subsequent price reaction, successive announcements of the same information will have no 

additional effect on share price. 

41. I performed an event study to examine the publicly available company-specific 

information contemporaneous with statistically significant common stock price returns23—in 

other words, to determine whether material news affecting Isolagen promptly caused a 

measurable share price reaction after accounting for general market effects. A description of the 

regression analysis used for this event study is described in the Appendix to this Report. 

(Exhibit 9 is a summary of the regression analysis. Exhibit 10 shows the actual and predicted 

returns based on the regression analysis.) 

42. Coverage of a company by wire services, financial press, and general media 

ensures that investors have ready access to new information about a company’s condition and 

prospects, and facilitates rapid share price reaction to new information about the company. 

There was extensive news coverage of Isolagen during the Class Period, including reports on 

Isolagen’s financial condition, its prospects for growth, and its revenues and earnings trends. 

43. During the Class Period, articles concerning Isolagen appeared in major news 

media in the United States, such as: Associated Press Newswire, Dow Jones News Service, 

FinancialWire, PR Newswire, and Reuters News. During the Class Period, hundreds of 

electronic and/or printed articles were published with “Isolagen” mentioned in the article; more 

than 100 were published with “Isolagen” appearing in the headline or first paragraph.24 

44. In addition, Isolagen held regular conference calls with members of the 

investment community. After each quarter’s earnings announcement was released, the Company 

 

23 Herein, the stock price return on a given day is equal to: (that day’s closing price plus the 

dividend, if any, divided by the previous trading day’s closing price) minus 1. 

24 Source: www.factiva.com (from Dow Jones) 

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held a conference call at which management described Isolagen’s financial performance and 

condition, answered questions from participants, and often provided guidance on expected future 

financial performance. During the Class Period, Isolagen management also occasionally held 

conference calls to discuss new business developments and other pertinent information. The 

news coverage of Isolagen within the Class Period supports my conclusion that the market for 

Isolagen stock was efficient during the Class Period. 

45. There are a total of 21 days during the Class Period that have statistically 

significant company-specific returns, i.e., statistically significant returns net of market effects. A 

chronology of events is provided as Exhibit 11, which shows each day during the Class Period 

with the Isolagen’s closing stock price, daily trading volume, Isolagen’s stock price return, titles 

of news articles25 and Company press releases,26 indication of SEC filings, and titles of analyst 

reports. 27 Following is a discussion of dates with statistically significant stock price movements 

during the Class Period that can be explained by information that was disseminated to the 

market. In general, large significant changes in Isolagen’s stock price are associated with 

material, new and unexpected information about the Company which supports my conclusion 

that the market for Isolagen’s stock was efficient during the Class Period.

 

25 Articles were obtained from Bloomberg (company ticker equal to “ILE”) and Dow Jones’ 

Factiva (where “Isolagen” is contained in the article). Only headlines and lead paragraphs are 

provided in Exhibit 15. The entire articles are publicly available and are not included in Exhibit 

15 in order to reduce the length of this exhibit. 

26 Business Wire and PR Newswire (obtained through FactSet Research Systems, Inc.). 

27 I do not have access to all of the information that was disclosed about the Company during the 

Class Period. Certain information, including oral communications, Isolagen’s presentations at 

industry conferences, information from online reporting services such as First Call, and private 

investment alerts and analyst reports given to clients and other employees of the same investment 

firm, are not publicly available or are not maintained in historical databases. 

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46. March 29, 2004: On Monday, March 29, 2004, Isolagen’s stock price rose 7.9% 

(6.4% net of market effects) to close at $11.00. This was a statistically significant stock price 

return. That day, the Company filed its SEC Form 10-K for the year ended December 31, 2003. 

In its 10-K filing under “Management’s Discussion and Analysis of Financial Condition and 

Results of Operations,” the Company stated the following: 

Revenues increased 390% or $354,698, to $445,689 for the year ended December 31, 

2003 (“Fiscal 2003”) from $90,991 for the year ended December 31, 2002 (“Fiscal 

2002”). The increase in revenues is primarily attributable to the commencement of 

operations in the United Kingdom. Included in Fiscal 2002 was $40,000 in license fees 

recognized which did not recur in Fiscal 2003. ... 

Costs of sales increased 247%, or $86,693, to $121,826 in Fiscal 2003, from $35,133 in 

Fiscal 2002. The increase in cost of sales is primarily related to the increase in revenues 

generated from the commencement of operations in the UK. ... 

Selling, general and administrative expenses increased 100%, or $3,985,975, to 

$7,980,757 for Fiscal 2003 from $3,994,782 for Fiscal 2002. 

Research and development expenses increased by approximately $1.6 million during the 

Fiscal 2003 to $3.3 million from $1.7 million for Fiscal 2002. Research and development 

costs are composed primarily of costs related to the Company’s efforts to gain FDA 

approval for the Isolagen Process in the United States. ... 

Net loss for Fiscal 2003 was $11,268,294, as compared to a net loss of $5,433,055 for 

Fiscal 2002. This increase in net loss is attributed primarily to salaries, travel, consulting, 

legal, and promotional expenses. 

47. June 21–22, 2004: On Monday, June 21 and Tuesday, June 22, 2004, Isolagen’s 

stock price rose 6.0% and 10.3%, respectively (6.2% and 9.8% net of market effects, 

respectively). Isolagen’s stock price return was statistically significant on both of these days. 

On June 21, each of the Secondary Offering Underwriter Defendants initiated coverage of the 

Isolagen recommending investors buy the Company’s stock. 

48. Adams Harkness initiated coverage with a Strong “Buy” rating and a 12-month 

price target of $14, stating: 

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We believe ILE is an exciting new way to play the burgeoning facial aesthetic 

market. ... Early data suggest a longer persistence than dermal fillers currently on 

the market and we believe patients will also be attracted to the natural aspect of 

the technology. 

We believe ILE is a compelling buy at current levels and feel near-term positive 

news flow and increased investor awareness will drive the stock higher. ... 

Isolagen is an underfollowed equity with an exciting primary growth opportunity in 

facial aesthetics, which can leverage its unique technology into other plastic 

surgery and reconstructive markets. Early clinical data appears compelling and 

should lead to a BLA submission for the dermal indication in 1Q‘05 with FDA 

approval in 4Q‘05. Patient demand in the UK has been overwhelming driven by 

celebrity endorsement and positive media attention. We assume manufacturing 

capacity to increase later this year and feel Isolagen should enjoy an 

unconstrained launch into various European countries in 2005. We model breakeven by 4Q‘05 without any contribution from a U.S. dermal or dental approval, 

and believe increasing profitability will follow. 

In the near-term, we expect positive news flow to broaden product awareness and 

fuel increased investor sentiment. We expect Isolagen to begin its pivotal Phase 

III trial for the dermal application (both nasolabial folds & frown lines) in early 

3Q, a Phase II study for deep pocket periodontal disease in 3Q, and a Phase I 

study for vocal cord injury that same quarter. We also feel our estimates are 

conservative and does not include upside from new aesthetic patients and dental 

applications. At current levels, we would initiate a position in ILE as we feel the 

stock will trade higher in front of various catalysts and increased investor 

awareness. ...28

49. CIBC initiated coverage with a “Sector Outperformer-Spec” rating and a $17 

price target, stating: 

The market for all non-surgical cosmetic procedures grew 22% to 6.4M in ‘03, 

driven by the aging of the global population. We believe that ILE is well 

positioned to participate in this large and growing market. 

The American Society of Plastic Surgery estimates that there were 3 million 

procedures performed in 2003 involving the injection of Botox, autologous fat, 

Radiance, collagen and Restylane. This would put the potential market for the 

Isolagen Process in treating facial wrinkles at $6.3 billion annually. 

 

28 Adams, Harkness & Hill, “Isolagen, Inc., Underfollowed story in attractive growth market,” 

June 21, 2004. 

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We forecast that ILE will grow sales from $1.8M in ‘04 to $149.8M in ‘07, driven 

by the full commercial launch of Isolagen in Europe in ‘05 and the U.S. in early 

‘06.29

50. Legg Mason initiated coverage of Isolagen with a “Buy/High Risk” rating with a 

12 to 18 month target price of $13 per share, and stated: 

... In our opinion, Isolagen’s process for tissue augmentation provides the 

company with a platform that can lead to several significant product 

opportunities. The company’s most advanced program uses the process for the 

treatment of dermal defects. Isolagen is already marketing its process in the U.K., 

and is in late-stage development in the U.S. Given Isolagen’s unique mechanism 

of action, we believe the product could have substantial advantages over 

competing therapies, including a more natural response, a longer duration of 

effect, and lower incidence of immunological reactions. Considering the potential 

competitive advantages, we believe that ILE’s peak annual sales in the dermal 

market could ultimately exceed $500 million. In addition to the dermal market, 

we believe that using the Isolagen process for the treatment of periodontal disease 

also represents a meaningful opportunity. We note that periodontal disease is a 

significant health issue, and currently, the only available treatment option is 

surgery. We currently view the dental indication as a low-cost option for Isolagen 

shareholders. Since ILE is in late-stage product development and is already 

selling products in some areas, we believe that the stock is currently undervalued. 

... We believe that increasing sales in the U.K. and the continued clinical 

development in the U.S. are likely catalysts for share appreciation.30

51. On June 22, 2004, CIBC issued another positive report on Isolagen when it 

announced changes to its “Special Research Series focus list.” Isolagen was added to this list—

CIBC cited expected strong performance from proprietary cellular therapy. The report stated: 

[Isolagen’s] platform technology potentially has broad applications in treating 

wrinkles, acne scars, vocal cords, periodontal disease, spinal cord injury, bone 

reconstruction and non-healing wounds and burns. We think this product 

represents a multi-billion-dollar potential market opportunity if successful in these 

target markets. ... 

Failure to meet quarterly revenue and earnings objectives set by either Wall Street 

or the company could lead to disappointment and stock price declines. This could 

 

29 CIBC World Markets, “Isolagen Inc., The Face You Save May Be Your Own—Initiating With 

SO Rating,” June 21, 2004. 

30 Legg Mason, “Isolagen, Inc AMEX:ILE, Initiating Coverage with Buy/High Risk Ratings,” 

June 21, 2004. 

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be caused by weaker than expected demand, an inability to produce enough 

product, failure to reduce manufacturing expenses, higher than expected raw 

materials or recruiting costs, etc. The risk of product liability lawsuits is inherent 

in the medical device industry. These and other risks make this an appropriate 

investment only for those willing to assume above-average levels of risk; hence 

our Speculative notation on the rating. The company has stated that there is no 

litigation outstanding against it. We believe that the use of autologous cells 

should help mitigate this risk because the patient’s own cells are being injected 

versus a foreign substance.31 

52. August 16, 2004: On Monday, August 16, 2004 Isolagen’s stock price rose 9.6% 

(8.0% net of market effects) to close at $8.10, a statistically significant stock price return. The 

previous trading day, August 13, each of the Secondary Offering Underwriter Defendants issued 

positive reports regarding the Company’s second quarter 2004 earnings results.32 CIBC also 

issued a positive report on Isolagen’s manufacturing facility on August 16. The August 13 Legg 

Mason report maintained its “Buy” rating, stating: 

Isolagen reported a 2Q04 loss per share of $0.14 versus our $0.12 loss per share 

estimate. The difference was mainly slightly higher-than-expected operating 

expenses and lower-than-expected interest income, partially offset by higher-thanexpected revenue. Revenue for the quarter was $544,000, slightly ahead of our 

$440,000 estimate, consisting mainly of sales of the Isolagen process in the U.K. 

Total expenditures were also slightly above our expectations. Gross margin of 

23.7% was slightly better than expected. Going forward, we expect increased 

patient numbers and implementation of the ACE manufacturing system to 

substantially improve gross margin. Higher-than-expected SG&A of $3.2 million 

was partially offset by lower-than-expected R&D expenditures of approximately 

$800,000. We note that Isolagen ended 2Q04 with $66.1 million in cash and 

equivalents, which we believe is sufficient for the company to reach profitability 

... 

We continue to believe that the Isolagen process, used to treat dermal defects, 

holds clear advantages over competing therapies already in the market and 

represents a significant opportunity. We are revising our 2004 loss per share 

estimate from $0.48 to $0.51 to reflect the current quarter and maintaining our 

2005 loss per share estimate of $0.24. We continue to believe ILE shares are an 

 

31 CIBC World Markets, “Equity Research Special Research Series; Changes In SRS Focus 

List,” June 22, 2004. 

32 The Company filed its Form 10-Q for second quarter 2004 with the SEC on Thursday, August 

12, 2004 and held a conference call to discuss the results after market close on August 12. 

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attractive investment opportunity for investors willing to accept above-average 

risk. Our target price of $13 is based on both a discounted earnings model and a 

five-year DCF analysis.33

53. The August 13 Adams Harkness report stated 

2Q results came in ahead of our expectation and we are encouraged with the 

progress made on both commercial and operational fronts; we believe there is 

excitement around the technology and feel the underlying fundamentals remain 

sound; reiterate Strong Buy and $14 target.34 

54. The August 13 CIBC report reiterated its “Sector Outperformer-Spec” rating, 

stating: 

We reiterate our Sector Outperformer-Spec rating on Isolagen following the 

company’s solid sequential growth in revenues for 2Q04. ILE reported 2Q04 

revenues of $544,000, versus $289,000 in 1Q04, which was above our estimate of 

$300,000 for the quarter. ... 

We view the recent weakness in the stock as a buying opportunity for investors 

and think Isolagen could have the solution to treating wrinkles and scars on a 

longer-lasting basis. This technology addresses a large market opportunity in 

facial injections for treating wrinkles, which we estimate could be over $6 billion. 

In addition the market opportunity in treating acne scarring could be a $5 billion 

market opportunity.35

55. Following a tour of Isolagen’s manufacturing facility that afternoon, CIBC issued 

a positive report on August 16, 2004, stating: 

The manufacturing facility was impressive and capacity additions appear to be on 

track with one manufacturing clean room currently operating and another that was 

near completion and actually under construction during our visit. ...

The automated production capability will bring capacity to 3K-4K per month in 

1Q05. Therefore, given strong demand and the addition of automated capacity, 

 

33 Legg Mason, “Isolagen, ILE:AMEX, Reports 2Q04 Results; Reiterate Buy Rating,” August 

13, 2004. 

34 Adams Harkness, “Isolagen, Inc, Strong 2Q results, visibility looks good,” August 13, 2005. 

35 CIBC World Markets, “Isolagen, Inc., 2Q04 Solid Sequential Growth; U.S. Clinical Trials On 

Track,” August 13, 2004. 

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10K revenue generating units in 2005 seems quite plausible. This translates to 

approx. $20M in revenue, which is what we are modeling.36 

56. October 25, 2004: On Monday, October 25, 2004, Isolagen’s stock price dropped 

16.2% (16.3% net of market effects) to close at $6.95. This was a statistically significant stock 

price return. That day, the Company announced that it had entered into an agreement with the 

Convertible Notes Underwriter Defendants to sell the Convertible Notes ($75 million in principal 

amount of 3.5% Convertible Subordinated Notes due November 1, 2024 and the option to 

purchase $15 million in additional notes carrying the same terms). The Company said: 

Isolagen, Inc. announced today that it intends to offer, subject to market and other 

conditions, $75 million of convertible subordinated notes due 2024 through an 

offering to certain investors who qualify as “qualified institutional buyers” under 

Rule 144A promulgated under the Securities Act of 1933. The notes will be 

convertible into shares of Isolagen common stock, at the option of the holder of 

the notes at any time before maturity, at a conversion per share price to be 

determined by negotiations between Isolagen and the initial purchasers of the 

notes. Isolagen will grant the initial purchasers a 30-day option to purchase up to 

an additional $15 million of notes in connection with the proposed offering. 

Isolagen intends to use approximately $39 million of the net proceeds of the 

offering for working capital, capital expenditures and general corporate purposes. 

In addition, Isolagen intends to use approximately $32 million of the net proceeds 

of the offering to purchase up to 2 million shares of its common stock in privately 

negotiated transactions concurrent with this offering and to purchase, at a 

discount, up to 2 million shares of its common stock from certain insiders, 

affiliates and founders of Isolagen. 

The securities will not be registered under the Act or any state securities laws. 

Unless so registered, the notes and the common stock issuable upon conversion of 

the notes may not be offered or sold in the United States except pursuant to an 

exemption from the registration requirements of the Securities Act and applicable 

state laws.37

 

36 CIBC World Markets, “Isolagen, Inc., Visit To London Manufacturing Facility,” August 16, 

2004. 

37 PR Newswire, “Isolagen, Inc. Announces Proposed Convertible Subordinated Notes Offering,” 

October 25, 2004. 

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News commentators attributed the decline in Isolagen’s stock price that day to the Company’s 

announcement of the offering.38

57. Also that day, Adams Harkness reduced its rating on Isolagen from “Strong Buy” 

to “Buy,” and reduced its price target from $14 to $10 citing a “shift in development plans, the 

U.S. push-out, and the increased dilution due to the proposed convertible offering.” 

Our long-term thesis remains unchanged and while we remain confident that the 

new management team will add long-term shareholder value, we are nonetheless 

slightly frustrated with the shift in development plans, the U.S. push-out, and the 

increased dilution due to the proposed convertible offering. 

ILE announced last week that it will establish a Northeast cGMP facility and 

implement its ACE manufacturing at this site. Because the Company will now 

include data compiled at this location as part of its BLA submission, it estimates a 

2H‘05 submission, which is later than its prior “late 1Q‘05” forecast. 

This morning, ILE announced a proposed $75M convertible debt offering. ILE 

will use $32M to buy back shares; the remainder will be used for working capital 

and general corporate purposes. 

We believe demand in the UK continues to be strong and expect solid 3Q results. 

We model $650k in revenue based on roughly 325 procedures and feel there is 

upside to this number. 

While we are still long-term believers in the technology and its multiple 

applications, our new Buy rating (down from SB) is based on the push-out in 

BLA filing and the lack of near-term catalysts. Our new price target is $10, down 

from $14. ... 

We do not feel the push-out in the BLA submission has anything to do with the 

integrity of the product or the progress of the actual clinical trials.39

58. February 18, 2005: On Friday, February 18, 2005, Isolagen’s stock price rose 

8.7% (8.6% net of market effects) to close at $7.73. This was a statistically significant stock 

price return. The matrix price of the Convertible Notes rose $5.13 per $100 face value to 

 

38 AFX International Focus, “Aon, Isolagen, TXN and more—Update 2,” October 25, 2004, 

39 Adams Harkness, “Isolagen, Inc., Pushback in U.S. Timeline; Shifting to Buy,” October 25, 

2004. 

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$112.00, which was the largest positive one-day return on the Convertible Notes from the date of 

issue. That day, the Company issued a press release in which it reported positive 12-month 

follow-up data from an exploratory clinical trial showed positive effects in patients who received 

the Isolagen process: 

Isolagen Inc, today announced that the twelve-month follow-up data from a Phase 

III Exploratory Clinical Trial indicates sustained positive effects in patients who 

received the Isolagen Process. The previously disclosed six-month marker data 

and this new 12-month follow-up data from this trial will be the subject of a 

poster session at the 63rd Annual Meeting of the American Academy of 

Dermatology. ... 

“The use of autologous fibroblasts represents a fundamentally new approach to 

improvement of facial contour defects,” said Dr. Weiss. “Although measurements 

in this study are ongoing, these findings suggest that, unlike filler products, the 

efficacy of the Isolagen Process is maintained over time. Both acne scars and 

superficial rhytids responded well with an excellent safety profile and high patient 

satisfaction.” ... 

“We’re very pleased with the results to date and the observed long-term effects of 

the Isolagen Process,” said Robert J. Bitterman, President and CEO, Isolagen, Inc. 

“These findings, showing continued effect over 12 months, are consistent with 

our ongoing European experience that indicate a sustained response.” 40

News commentators attributes Isolagen’s stock price increase that day to the Company’s 

announcement.41 

59. Analysts viewed the results as positive. Legg Mason maintained its “Buy” rating 

on the Company, stating: 

We believe that the trend presented showing a sustained effect in patients treated 

with the Isolagen Process is positive for the company and could potentially 

 

40 PR Newswire, “Isolagen Process Exploratory Phase III 12-Month Data Positive Positive Sixand 12-Month Data to Be Presented at American Academy of Dermatology Meeting,” February 

18, 2005. 

41 See, Associated Press Newswires, “Isolagen shares up on study results,” February 18, 2005, 

2:02 pm. (“Shares of Isolagen Inc. jumped more than 10 percent Friday after the biotechnology 

company reported that follow-up trial data showed the cosmetic benefits of its human collageninjection system lasted at least one year.”) (Herein, times are denoted in Eastern Time, unless 

otherwise specified.) 

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provide Isolagen with a competitive advantage in the market place. We maintain 

our Buy rating and target price of $10, based on a discounted cash flow analysis. 

This data continues to affirm our belief that the Isolagen process, used to treat 

dermal defects, holds clear advantages over competing therapies already in the 

market and represents a significant opportunity. 42

60. CIBC reiterated it’s “Sector Outperform” rating on Isolagen, stating: 

We believe this is positive news for the stock and represents an opportunity to 

play the cosmetic surgery sector. ... 

ILE anticipates filing its BLA to the FDA in the second half of 2005. We believe 

that ILE could receive approval in the U.S. in 1Q06. We are confident in the new 

management team at ILE, given its history in bringing new biologics to the 

market. 

For 4Q04, we expect the company to meet or beat our revenue estimate of $1.7M 

with a net loss expected to be $6M or less. We reiterate our price target of $13 

and feel the company’s growth opportunities are exciting for wrinkles, acne and 

new potential indications43

61. April 25, 2005: On Monday, April 25, 2005, Isolagen’s stock price dropped 

25.0% (25.8% net of market effects) to close at $4.41. This was a statistically significant stock 

price return. The matrix price of the Convertible Notes declined $11.62 per $100 face value to 

$83.75, which was the largest negative one-day return on the Convertible Notes from the date of 

issue. That day, the Company announced that Robert Bitterman was resigning as President, 

Chief Executive Officer and director of the Company. In that same press release, Isolagen said 

that it would report on the status of ACE at the 2005 UBS Global Health Pharmaceuticals 

Conference in May. The company added that Mr. Bitterman was successful in strengthening its 

regulatory compliance infrastructure and assembling a team to move the company’s products 

 

42 Legg Mason, “Isolagen (ILE) Presents Positive 12-month Data from Previous Phase III,” 

February 18, 2005. 

43 CIBC World Markets, “Isolagen Process Benefit Sustained at 12 Months,” February 18, 2005. 

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forward before his departure.44 News commentators attributed Isolagen’s stock price decline that 

day to the Company’s announcement.45 

62. Legg Mason maintained its “Buy” rating on the Company, but lowered its price 

target from $10 to $7, citing increased uncertainties as a result of Mr. Bitterman’s departure. 

The report stated: 

Importantly, we do not believe that Mr. Bitterman’s resignation is related to the 

Phase III data from the company’s trials for the treatment of facial wrinkles. In 

speaking with the company, they clearly indicated that the data remains blinded. 

We believe that Mr. Bitterman’s resignation centers around philosophical 

differences between the Board of Directors and him. 

During Mr. Bitterman’s tenure, Isolagen built out its management team, adding 

key members to its regulatory, development, manufacturing and operations staff. 

While Isolagen indicated that the remainder of the team will remain intact, as 

many of the recent additions were handpicked by Mr. Bitterman, we believe it is 

likely that his departure will also result in further defections. ... 

We are maintaining our Buy rating. We expect to see both dental data and facial 

wrinkles data by August and believe that these events will serve as catalysts for 

the stock in the near term. Given the increased uncertainty as the result of Mr. 

Bitterman’s departure, however, we are lowering our target price to $7.46

63. CIBC reiterated its “Sector Outperform” rating for Isolagen and maintained its 

$13 price target after speaking that morning with Mr. Bitterman. The report stated: 

 

44 PR Newswire, “Isolagen Seeks New Chief Executive Officer Key Science, Finance and 

Advisory Teams Continue to Focus on Strategic Goals and Commercialization of Isolagen 

Process,” April 25, 2005, 7:31 am. 

45 See, e.g., Associated Press Newswires, “Isolagen CEO Robert Bitterman resigns” April 25, 

2005, 11:28 am. (“Isolagen Inc. said Monday that its chief executive and president, Robert 

Bitterman, resigned after less than a year at the company. Shares of the developer of collageninjection therapies tumbled $1.63, or 27.7 percent, to $4.25 in morning trading on the American 

Stock Exchange following the news.”) 

46 Legg Mason, “Isolagen, Inc., Robert Bitterman Resigns from Isolagen; Maintaining Buy 

Rating,” April 25, 2005. 

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We think it is important to say upfront that we hold Bob in high esteem and we 

were relieved to hear him say that he expects the Isolagen Process to hit its 4- and 

6-month endpoints in its clinical trials. 

He indicated that he continues to believe in the technology and that the database 

would not be unlocked until after the 6-month follow-up is complete, which is 

probably in early June. The company expects to release the clinical trial results in 

early July. 

Elsewhere, we spoke with some of the U.S. clinical investigators in the two 

pivotal trials last week. One physician we spoke with has treated approximately 

25 patients and has a backlog of 300 patients who are interested in getting the 

Isolagen therapy.47

64. UBS stated that they were “surprised” by Mr. Bitterman’s resignation and that 

they were “looking for more detail as to why Mr. Bitterman would resign at this stage of the 

company’s development.” UBS placed its “Buy 2” rating and price target for Isolagen under 

review “until we answer some of the questions ....”48May 11, 2005: On Wednesday, May 11, 

2005, Isolagen’s stock price dropped 6.8% (7.3% net of market effects) to close at $4.10. This 

was a statistically significant stock price return. The matrix price of the Convertible Notes 

declined $2.38 per $100 face value to $81.88. The previous day, May 10, Isolagen filed its 

Form 10-Q with the SEC for first quarter 2005. After market close on May 10, the Company 

held a conference call to discuss its quarterly earnings. The Company’s revenues were higher 

than anticipated by certain analysts; however the Company also announced in its conference call 

a push back in the timing of installing the ACE system in Switzerland and the U.S.49

 

47 CIBC World Markets, “Isolagen Inc., Bob Bitterman Resigns As CEO; Still Believes in 

Technology,” April 25, 2005. 

48 UBS Investment Research, “First Read: Isolagen, Inc.; Isolagen CEO Resigns,” April 25, 

2005. 

49 Fair Disclosure Wire, “Q1 2005 Isolagen Inc Earnings Conference Call—Final,” May 10, 

2005: 

JOHN CALCAGNINI: Well, let me ask it another way. When will you have ACS 

available to run true market capacity in the United States and Switzerland? I 

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65. Adams Harkness on May 11 downgraded Isolagen to “market perform” from 

“buy” citing a more challenging U.K. selling environment among other reasons: 

While we believe ILE’s pivotal trials remain on track, we move our rating to 

Market Perform from Buy based on a pushout in European timelines and a more 

challenging U.K. selling environment. 

1Q revenue was $2.7M above our $2.4M estimate. Roughly 35 physicians 

performed 987 procedures in 1Q despite no advertising. Management tweaked 

with pricing in 1Q and we estimate an ASP near $3k. 

ILE now looks for $15M in ‘05 revenue vs. its prior $20M forecast due to an 

“interruption” in the Company’s U.K. marketing. We lower our ‘05 revenue 

estimate by ~$3M to $13.2M based on near 5,000 procedures in the U.K. 

The new Swiss facility should be producing product in mid-06, a slight push-out 

from our prior estimate of early ‘06. Encouragingly, this facility should 

implement ILE’s ACE manufacturing system and have capacity for 40–60k 

patients/year, according to management. 

U.S. Phase III data will be unblinded in July and ILE should submit its BLA in 

late 3Q/early 4Q. The submission will include data complied using the “modified 

flask system.” We still model a late CY06 approval but approval for the ACE 

system will likely come in CY07. 50

66. CIBC reiterated its “Sector Outperform” rating for the Company and its price 

target of $13, citing better than anticipated revenues; although lowered its estimated treatment 

numbers to reflect a slight push back in the timing of installing the ACE system in Switzerland 

and the U.S. 

 

mean, can we get a date from you, because it seems to be moving around. I’d like 

to know when, you know, there’s a deadline for this to be done. 

FRANK DELAPE: We plan, John, to deliver ACS commercial units in December 

’05 to Switzerland. I believe it will be scalable and in place in both the U.S. and 

Switzerland in a full production capacity by mid-’06 for Switzerland, and maybe 

chiefly ’06 for U.S. 

50 Adams Harkness, “Isolagen, Inc., Patience Wearing Thin; Moving to Market Perform,” May 

11, 2005; Bloomberg News, “Apple, Aztar, O'Charleys, Tuesday Morning: U.S. Equity 

Preview,” May 11 2005, 7:45 am. 

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We are reiterating our SO rating and $13 price target following the company’s 

1Q05 earnings call last night, wherein they reported sales of $2.7M, well above 

4Q04 revenues of $2M and ahead of our $1.8M estimate on continued growth in 

Europe. 

ILE generated revenues from 987 new patients and the average selling price per 

patient in our estimation was $2,700 U.S. (1,436 pounds), above our $2,000 

estimate. ILE has been testing different price levels and they believe that 

physicians can charge up to $5,000 to their patients. 

We had been looking for sales to be from 900 patients at $2,000 each for revenues 

of $1.8M. We have no change to our 2005 and 2006 rev. ests. of $15M and $79M 

as we have assumed a higher avg. selling price in the U.S. and Europe of $2,500, 

whereas we had been at $2,000. 

We did lower our treatment numbers to reflect a slight push back in the timing of 

installing the ACE system in Switzerland and the U.S., but at the same time we 

are encouraged that the company appears to have a viable approach for large scale 

production of living cells. ... 

This ACE system will be installed in the new 5-acre facility in Switzerland and 

this 350,000-400,000 sq. foot plant will be designed for pan-European 

manufacturing. The company is acquiring this facility for $10 million and it will 

take 90 days to renovate. ILE believes that they will knock out the walls of this 

former electronics plant and build the clean rooms by November 2005. They will 

then bring in the cell pods. The company expects to validate the ACE system for 

manufacturing between January and April 2006 in preparation for inspection by 

Swiss Medica (SWME-Not Rated). The company believes that they can get this 

facility certified by June 2006 for large-scale commercial launch. Switzerland will 

be designed to ship cells cryogenically so that the physician can store them in a 

refrigerator for injection when it is convenient for the patient.51

67. August 1, 2005: On Monday, August 1, 2005, Isolagen’s stock price declined 

49.2% (49.3% net of market effects) to close at $2.84, a statistically significant stock price 

return. The matrix price of the Convertible Notes decreased $19.75 per $100 face value to 

$60.63, which was the largest negative one-day return on the Convertible Notes from the date of 

issue. Prior to market open that day, Isolagen issued a press release discussing preliminary 

results from its Phase III clinical trial, announcing that a wide variance in results precluded a 

 

51 CIBC World Markets, “Isolagen, Inc., Revenues Exceed Expectations on Strength in European 

Procedures,” May 11, 2005. 

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Biologic License Application (“BLA”) filing with the FDA at that time.52 The Company held a 

conference call that day at 9:00 am to discuss the data. News commentators attributed the 

decline in Isolagen’s stock price that day to the Company’s announcement.53 In response to the 

Company’s announcement that day, Adams Harkness discussed the disappointing trial results 

and other concerns, yet reiterated its “Market Perform” rating for Isolagen.54 CIBC downgraded 

its rating for Isolagen to “Sector Performer-Spec.”55 Legg Mason noted the “disappointing” trial 

results, although maintained its buy rating on the stock.56 Additional details regarding the 

disclosures on August 1, 2005 are in the Loss Causation section of this Report. 

68. August 9, 2005: On Tuesday, August 9, 2005, Isolagen’s stock price dropped 

9.8% (10.4% net of market effects), to close at $2.66. This was a statistically significant return. 

The matrix price of the Convertible Notes decreased $1.13 per $100 face value to $60.50.57 That 

 

52 PR Newswire, “Isolagen Announces Preliminary Results of Phase III Dermal Trial Company 

to Initiate Additional Trial to Support BLA Filing in 2006 Management to Host Conference Call 

at 9:00 AM EDT to Discuss Data,” August 1, 2005, 7 am. 

53 See, e.g., Dow Jones Newswires, “Isolagen Shares Fall 46% On Mixed Trial Data,” August 1, 

2005 (Shares of Isolagen Inc. (ILE) plunged nearly 50% Monday to a new 52-week low after it 

reported mixed results from two trials of its wrinkle treatment and said the findings dictate that 

another trial involving patients be conducted in the fall.”); MidnightTrader, “Isolagen Plunging 

37% On Results of Clinical Studies,” August 1, 2005 (“Isolagen (ILE) is plunging 37% in premarket trading after the company today announced preliminary results from a Phase III trial of 

its Isolagen Process.”); Associated Press Newswires, “Isolagen stock skids on mixed data, plan 

for new trial,” August 1, 2005 (“Shares of Isolagen Inc. plunged Monday after the company 

reported mixed results from two trials of its wrinkle treatment and said the findings indicate 

another trial will be conducted in the fall”). 

54 Adams Harkness, “Phase III Data Mixed, New Trial Planned; Reiterate MP,” August 1, 2005. 

55 CIBC World Markets, “Isolagen, Inc., Downgrading to Sector Performer, Given No News on 

U.S. Pivotal Trial,” August 1, 2005. 

56 Legg Mason, “Isolagen AMEX:ILE, Mixed Phase III Trial Results; Maintain Buy Rating,” 

August 1, 2005. 

57 Isolagen’s stock price also dropped 6.0% (6.1% net of market effects) to close at $2.50 on 

August 10, 2005, although this was not a statistically significant return. 

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day the Company filed its Form 10-Q for the second quarter 2005 with the SEC.58 Analysts 

stated that second quarter 2005 results were weaker than anticipated.59 After market close on 

August 9, 2005, the Company held a conference call to discuss the Company’s second quarter 

2005 results and provide a business update. During the call, the Company lowered its revenue 

guidance for fiscal 2005 from $15 million to a range of $10–$15 million. The Company also 

disclosed that the ACE prototypes would be delivered to Switzerland and the U.K. in the first 

half of 2006, as opposed to previously announced December 2005, and provided additional 

clarity regarding the Phase III dermal trial, the BLA filing and the Company’s manufacturing 

capacity in the U.K.60 Additional details regarding the disclosures on August 9–10, 2005 are in 

the Loss Causation section of this Report. 

F. Summary Regarding the Market Efficiency of Isolagen’s Stock 

69. In summary, the following indicia of market efficiency are bases for my opinion 

that the market for Isolagen stock was efficient throughout the Class Period: 

• the considerable trading volume in Isolagen stock during the Class Period; 

• the number of securities analysts who reported on Isolagen; 

• the fact that Isolagen traded on a sophisticated and developed principal exchange, 

the AMEX, and that trading in Isolagen stock was facilitated by a specialist on the 

AMEX; 

 

58 Dow Jones Corporate Filings Alert, “Isolagen 2Q Loss 33c/Shr,” 3:04 pm, August 9, 2005. 

59 See, CIBC World Markets, “Isolagen Inc., Net Loss Exceeds Our Estimates, Revenue 

Guidance Lowered,” August 9, 2005. (This report does not specify the time of publication, 

however, it references the aftermarket conference call.); Legg Mason, “Isolagen AMEX:ILE, 

Reports 2Q Results; Maintain Buy Rating,” August 10, 2005; and Adams Harkness, “Isolagen 

Inc., Soft 2Q Results; No Change to Market Perform Thesis,” August 10, 2005. 

60 Fair Disclosure Wire, “Q2 2005 Isolagen Inc Earnings Conference Call—Final,” August 9, 

2005. 

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• the significant institutional ownership relative to shares outstanding during the 

Class Period; 

• the Company’s eligibility for and filing of SEC Form S-3s during the Class 

Period; 

• the extent of news coverage of Isolagen available to investors and the 

demonstrable relationships between company-specific news releases and prompt share 

price reactions. 

70. The fact of market efficiency does not preclude the information about Isolagen 

disseminated to the market by Defendants from being false and misleading. Rather, it means that 

information disseminated by Defendants about Isolagen and its prospects, whether true or false, 

was reflected in Isolagen’s share price. 

VII. The Convertible Notes 

71. The Convertible Notes are $90 million face value, 3.5% coupon convertible 

subordinated notes due November 1, 2024. The Company sold the Convertible Notes for cash in 

November 2004 to Credit Suisse First Boston LLC (“CSFB International”) and UBS Warburg 

LLC (“UBS”) (collectively, the “initial purchasers”).61 The issuance and sale of the Convertible 

Notes by the Company and the subsequent sales of the Convertible Notes by the initial 

purchasers were exempt from the registration provisions of the Securities Act of 1933, as 

amended by Section 4(2) of the Securities Act (the “144A Convertible Notes”).62 On May 2, 

 

61 When debt securities, such as the Convertible Notes, are first offered (or issued) they are 

brought to market by one or more underwriters, intermediaries (usually investment banks or 

syndicates of investment banks) that bring together bond sellers and bond buyers. 

62 CUSIP 46488NAA. 

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2005, the 144A Convertible Notes were registered with the SEC (the “Registered Convertible 

Notes”63).64 

72. The Convertible Notes are convertible to the Company’s stock at any time on or 

before the maturity date at an initial conversion price of $9.16 per share, subject to adjustment 

for certain events. The initial conversion price is equivalent to a conversion rate of 

 

63 CUSIP 46488NAA. Such purchases were limited to sophisticated investors meeting the 

criteria for Qualified Institutional Buyers (“QIBs”) buying for their own accounts or the account 

of another QIB. A QIB is an institution with more than $100 million in invested assets.63 

Under Rule 144A, during two years following issuance, the large institutions qualifying as QIBs 

could not sell these securities to non-QIBs; however, QIBs could trade these securities among 

themselves. Investors in the Convertible Notes under Rule 144A were required to notify 

subsequent purchasers of resale restrictions. QIBs, i.e., sophisticated investors, would have 

enhanced the efficiency of the market for the Convertible Notes. These investors or their agents 

monitor the market for new information affecting the value of their investments, and trade on this 

information. The 144A Convertible Notes were available for trading on NASDAQ’s PORTAL 

MarketSM market trading system (“PORTAL,” Source: Isolagen’s SEC Form 8-K, dated 

November 4, 2004.) 

64 Registration No. 333-108346, CUSIP 46488NAB. Isolagen filed three registration statements 

with the SEC for the Convertible Notes: Form S-A on February 1, 2005; a first amendment to 

Form S-3 on April 19, 2005; and a second amendment to Form S-3 on May 2, 2005. For 

registered public offerings, the Securities Act requires a company to file a registration statement 

with the SEC before the company can offer the securities for sale. The registration statements 

become public immediately upon filing and the securities covered by the registration statement 

cannot be sold until the SEC staff declares it “effective.” According to the SEC: 

The Securities Act generally requires companies to give investors “full 

disclosure” of all “material facts,” the facts investors would find important in 

making an investment decision. This Act also requires companies to file a 

registration statement with the SEC that includes information for investors. The 

Exchange Act requires publicly held companies to disclose information 

continually about their business operations, financial conditions, and 

managements. These companies, and in many cases their officers, directors and 

significant shareholders, must file periodic reports or other disclosure documents 

with the SEC. 

As is common with corporate debt, these securities could be traded publicly over-thecounter (“OTC”) through market makers and dealers linked by telephone or electronic 

networks. 

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approximately 109.2001 shares per $1,000 principal amount of notes.65 The May 2, 2005 Form 

S-3A registration statement describes the Convertible Notes as follows:66

The notes currently bear interest at an annual rate of 3.5%. Interest is payable 

semi-annually in arrears on May 1 and November 1 of each year, commencing 

May 1, 2005, to holders of record at the close of business on the preceding 

April 15 and October 15, respectively. 

Holders may convert their notes into shares of our common stock under a variety 

of circumstances, which are summarized in the “Conversion” section of the 

Prospectus Summary. For each $1,000 principal amount of notes surrendered for 

conversion you will receive 109.2001 shares of our common stock. This 

represents an initial conversion price of $9.16 per share of common stock based 

on the issue price per note. 

We may redeem all or a portion of the notes at any time on or after November 1, 

2009 at the redemption prices set forth in this prospectus, plus accrued and unpaid 

interest to the date of redemption. 

Holders of notes have the right to require us to purchase all or a portion of their 

notes on November 1, 2009, November 1, 2014, and November 1, 2019. 

Upon the occurrence of a fundamental change event, each holder of the notes may 

require us to repurchase some or all of its notes at a purchase price equal to 100% 

of the principal amount of the notes plus accrued and unpaid interest. In some 

circumstances, holders that require us to repurchase the notes upon the occurrence 

of a fundamental change event will also receive a make-whole premium. 

We do not intend to list the notes on any national securities exchange or the 

American Stock Exchange. ... 

73. Throughout the Class Period, the intrinsic value of the Convertible Notes 

depended upon the price of Isolagen stock because the Convertible Notes were convertible into 

Isolagen stock. The factors which affected the value of Isolagen stock would be incorporated 

into an assessment of the value of the Convertible Notes. 

 

65 At this conversion price, if all Convertible Notes were converted into stock, the Company 

would have had to issue 9,828,009 (90,000 notes of $1000 face value multiplied by 109.2001) 

shares of Isolagen stock to holders of the Convertible Notes. The Convertible Notes would not 

have been converted until Isolagen’s stock price was at least the conversion price. 

66 Isolagen’s Form S-3A filed on May 2, 2005, p.1. 

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74. Isolagen stated in its May 2, 2005 Form S-3A registration statement for the 

Convertible Notes: 

The price of the notes may fluctuate significantly as a result of the volatility of the 

price for our common stock. 

 Because the notes are convertible into, and certain payment obligations can be 

satisfied by us with, shares of our common stock, volatility of, depressed prices 

for and other factors affecting our common stock could have a similar effect on 

the trading price of the notes. The market price of our common stock has been, 

and the market prices of our common stock and the notes are likely to be, volatile 

and could be subject to wide fluctuations in price in response to various factors, 

many of which are beyond our control. In addition, if you receive shares of our 

common stock upon conversion of your notes or in connection with the payment 

of a fundamental change make-whole premium, the value of the common stock 

you receive may fluctuate significantly. 

75. Prices for the Convertible Notes used in this analysis are matrix prices obtained 

from FactSet Research Systems, Inc. (“FactSet”).67 

76. Exhibit 12 contains a graph and table of the matrix prices of the Convertible 

Notes compared to the closing prices of Isolagen stock. As can be seen from Exhibit 12, the 

matrix prices of the Convertible Notes are correlated with the prices of Isolagen stock. I 

conducted a regression analysis of the daily percent change in the price of the Convertible Notes 

(using the FactSet matrix prices) against the daily percent change in the closing price of Isolagen 

stock during the Class Period. The regression results demonstrate that there was a statistically 

significant relationship between the daily changes in the price of the Convertible Notes and the 

 

67 Matrix prices are calculated prices based on a fixed-income security’s credit risk, term to 

maturity, and when applicable, its redemption features. When a price is derived in this way, it is 

generally called a theoretical price. The process to calculate this theoretical price involves laying 

out a matrix of risk premiums (yield spreads) categorized by credit ratings and terms to maturity. 

The yields and prices are calculated using this matrix. The matrix prices are not actual trading 

prices, but can be used as an estimate of trading prices. (Source: FactSet.) FactSet matrix prices 

are available daily starting November 2, 2004. 

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daily changes in the price of Isolagen stock.68 (See Exhibit 13 for a summary of the regression 

results.) 

77. I understand that discovery is stayed in this matter. My analysis of the efficiency 

of the markets for the Isolagen Securities is subject to refinement or revision based on continuing 

analysis of documents and materials, as well as new or additional information which may be 

provided to or obtained by me in the course of this matter. I expect to review additional 

information and documents, including information and documents that may become available 

through discovery. 

VIII. Materiality 

78. Material information is any information that investors would want to know about 

a company that might affect their investment decisions with respect to that company,69 or 

information that can reasonably be expected to affect the value of that company’s securities. 

Material information may concern the market as a whole, the industry in which a company 

operates, or specifically the company (company-specific information). Clearly, material 

information includes information concerning a company’s current revenues, expenses, and 

earnings. Market participants also may rely upon expected future revenues, expenses, and 

earnings, information on accounting policies and procedures, reserves and estimates, in addition 

to demand for a firm’s products and services, information concerning a firm’s ability to compete 

and the effects of competition, information on management’s effectiveness in managing the 

enterprise, and many other items of information which may affect market participants’ 

 

68 The correlation between the daily return on the matrix price of the Convertible Notes and the 

daily return on the price of Isolagen stock is 89.7% during the Class Period, as measured by the 

multiple r statistic for the regression results. During the Class Period, 80% of the variation in the 

daily return on the price of the Convertible Notes is explained by the daily stock price return, as 

measure by the r-square statistic for the regression results. 

69 Basic, Inc. v. Levinson, 485 U.S. 224, 231 (1988) (quoting TSC Indus., 426 U.S. at 449). 

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evaluations of a firm’s revenue and earnings prospects. Market participants rely on statements 

made by company managers and representatives. 

79. Share price is a function of a company’s expected future economic earnings, i.e., 

of expected future cash flow to shareholders. Cash flow to shareholders is that cash flow on 

which there are no other claims—not from suppliers, creditors, employees, government in the 

form of taxes, or from others—and hence is a return to equity investors for their investment and 

the risk they have borne. This cash flow can be distributed to equity investors as dividends or 

special distributions and/or as appreciation in share price realized at sale of the stock. In other 

words, a firm’s share price is the present value of future economic earnings expected by its 

equity investors, discounted for risk and the time value of money.70 

80. It must be noted that a statistically significant change in a company’s security’s 

price (net of market and industry effects) is an indicator that new company-specific information 

has dramatically changed the total mix of information about a company, but is itself not the only 

indicator of materiality. A security price movement of any size can be material. Statistical 

significance measures the relative size of the security’s price adjustment to the new information, 

i.e., statistical significance only indicates that the price change was among the largest price 

changes over a period of time. Information that does not cause a very large price adjustment, 

i.e., one that is not statistically significant, also can be material. Price changes are caused by 

information; the market is not a collection of whimsical expressions of an irrational force. Price 

changes may appear random because new information arrives randomly, i.e., we cannot predict 

the future. Nevertheless, those price changes have causes. Information “important enough to 

 

70 Richard A. Brealey and Steward C. Myers, Principles of Corporate Finance. 7th edition, 

c2003, pp. 60–61. 

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affect security prices when publicly released provides compelling evidence that a reasonable 

investor would consider the information important in making an investment decision.”71

81. Stock prices reflect publicly available information and this is the economic theory 

underlying an event study. Certain of the case-relevant events from an event study are discussed 

in sections VI.E. (addressing Cammer factor 5) and IX. (addressing Loss Causation) of this 

Report. A partial disclosure is corrective with respect to alleged misrepresentations and 

omissions when that disclosure changes the mix of fraud-related information available to 

investors. Specifically, if a company makes an announcement that misrepresents some aspect of 

its business or omits information that should not have been omitted and later the company 

“corrects” the misrepresentation (or omission), even though it did not admit its earlier 

misrepresentation (or omission), then that is a partial disclosure. Thus, a partial disclosure can 

be new information regarding the true condition or prospects of a company that has the effect of 

correcting the prior misrepresentation (or omission) even when the company does not admit to 

the fraud. Though the company may portray the information as new to the company, it would be 

a partial disclosure if it was, in fact, information previously known to the company but 

misrepresented to the market. 

IX. Loss Causation 

82. The above section of this Report titled “Materiality” explains that investors use 

disclosures about the products and financial condition of a company to make assessments about 

future cash flows that will accrue to investors in a firm’s securities, and that investors use this 

information in valuing those securities. This section on “Loss Causation” describes certain 

disclosures by the Company that Lead Plaintiffs intend to prove at trial corrected false or 

 

71 Mitchell, Mark L. and Jeffry M. Netter, “The Role of Financial Economics in Securities Fraud 

Cases: Applications at the Securities and Exchange Commission,” The Business Lawyer, 49, 545. 

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misleading information, or that revealed information that was wrongly omitted, regarding the 

effectiveness of the Isolagen Process, its manufacturing abilities, and the timing of the 

Company’s BLA application and its ability to gain FDA approval; such disclosures caused the 

prices of Isolagen’s stock to decline. 

83. Certain announcements during the Class Period, while they did not admit the 

alleged fraud at that time, are partial disclosures of information that changed investors’ 

perceptions of the true value of Isolagen. Lead Plaintiffs allege that had Isolagen’s not 

misrepresented the effectiveness of the Isolagen Process, its manufacturing abilities, and the 

timing of the Company’s BLA application and its ability to gain FDA approval during the Class 

Period, investors would have lower and more realistic expectations regarding Isolagen’s earnings 

and revenue generating capabilities. Thus, information during the Class Period that partially 

corrected investors’ previously erroneous perceptions as to Isolagen’s value are partial 

disclosures of the alleged fraud. 

84. This analysis is ongoing. This analysis does not attempt to illustrate all of the 

misrepresentations or partial disclosures of the fraud during the Class Period. In the future, I 

may consider additional and/or different dates as partial disclosures of the alleged fraud based on 

additional analyses, materials, further discovery, and/or the opinions of other experts in this 

matter. 

85. This “Loss Causation” section is based on, and summarizes the results of, an 

event study analysis based on widely accepted statistical techniques and a review of information 

releases of many kinds relevant to Isolagen and issued during the Class Period. The event study 

enables me to identify partial disclosures during the Class Period relevant to the allegations, as 

well other unrelated news, which led to a significant change in Isolagen’s share price. This event 

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study demonstrates that during the Class Period the prices of Isolagen’s stock reacted to material, 

new, and unexpected information. (See the Appendix to this Report for additional information 

regarding the event study.) 

86. The following events are examples of information disclosed during the Class 

Period, as alleged by Lead Plaintiffs, that brought, in part, investors’ perceptions of the 

Company’s financial condition related to the effectiveness of the Isolagen Process, its 

manufacturing abilities, and the timing of the Company’s BLA application and its ability to 

gain FDA approval during the Class Period more in-line with its alleged true conditions at that 

time. 

87. August 1, 2005: On Monday, August 1, 2005, Isolagen’s stock price declined 

49.2% (49.3% net of market effects) to close at $2.84, a statistically significant stock price 

return. The matrix price of the Convertible Notes decreased $19.75 per $100 face value to 

$60.63. The Company released negative news concerning the effectiveness of the Isolagen 

Process, the Company’s ability to gain FDA approval, and the timing of the Company’s BLA 

application, causing a significant decline in the prices of Isolagen’s securities. Prior to market 

open that day, Isolagen issued a press release discussing preliminary results from its Phase III 

clinical trial, announcing that a wide variance in results precluded a BLA filing at that time: 

Isolagen, Inc. (Amex: ILE) announced that preliminary results from its Phase III 

clinical trial which consisted of two simultaneous dermal studies met three of the 

four primary end points and achieved statistical significance when the results of 

the two studies were combined. 

Isolagen’s randomized, double blind, placebo controlled Phase III trial, conducted 

at 5 sites in the United States, consisted of two studies (Study A and Study B) 

evaluating the safety and efficacy of the Isolagen Process for the treatment of 

contour deformities. ... 

Study B of the trial proved to be statistically significant with both patient and 

physician assessment achieving positive results. Study A results were mixed with 

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a positive assessment from the patients only. Significantly, a wide variance in 

results was reported from site to site across both studies with response rates 

ranging from 73.3% to 7.6%. Comparison of the statistics from site to site 

suggests that results are dependent on injection technique. No major safety issues 

or serious adverse events were reported in either study.... 

Dr. Marie Lindner, Senior Vice President of Medical and Business Affairs, stated, 

“We believe that the results from the trial demonstrate that the Isolagen Process 

can be used successfully to treat contour deformities. However, we think the 

wide variance in results precludes a BLA filing at this time. Therefore, in 

November 2005, Isolagen plans to initiate a 100-patient, clinical trial with a sixmonth endpoint the results of which could be combined with the successful results 

from Study B to support a BLA filing in 2006. In this new trial, only physicians 

trained in the proper Isolagen injection technique will participate as investigators 

in this trial.”72

88. The Company held a conference call that day at 9:00 am to discuss the data. 

News commentators attributed the decline in Isolagen’s stock price that day to the Company’s 

announcement.73

89. In response to the Company’s announcement that day, Adams Harkness 

discussed the disappointing results and other concerns, stating: 

ILE reported disappointing results from its Phase III dermal data (two studies) due 

to suspected differences in injection technique at select sites. ... Clearly, the lack 

of detail on both the results and the impact of potential protocol changes for Study 

“C” causes increased uncertainty and reinforces our Market Perform rating. ... 

 

72 PR Newswires, “Isolagen Announces Preliminary Results of Phase III Dermal Trial Company 

to Initiate Additional Trial to Support BLA Filing in 2006 Management to Host Conference Call 

at 9:00 AM EDT to Discuss Data,” August 1, 2005, 7:00 am. 

73 See, e.g., Dow Jones Newswires, “Isolagen Shares Fall 46% On Mixed Trial Data,” August 1, 

2005 (“Shares of Isolagen Inc. (ILE) plunged nearly 50% Monday to a new 52-week low after it 

reported mixed results from two trials of its wrinkle treatment and said the findings dictate that 

another trial involving patients be conducted in the fall.”); MidnightTrader, “Isolagen Plunging 

37% On Results of Clinical Studies,” August 1, 2005 (“Isolagen (ILE) is plunging 37% in premarket trading after the company today announced preliminary results from a Phase III trial of 

its Isolagen Process.”); Associated Press Newswires, “Isolagen stock skids on mixed data, plan 

for new trial,” August 1, 2005 (“Shares of Isolagen Inc. plunged Monday after the company 

reported mixed results from two trials of its wrinkle treatment and said the findings indicate 

another trial will be conducted in the fall.”). 

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We remain concerned regarding the potential short-term impact of key personnel 

transitions (e.g., Dr. Karen Forbes-McKean) but believe ILE has attracted highly 

qualified talent with clinical trial experience. Also, ILE has resolved its U.K. 

marketing issues after demonstrating the safety of the Isolagen process, which we 

view as a positive. 

We reiterate our Market Perform rating. Visibility into additional U.S. studies 

(dosing regimen, certification of injection technique, FDA approval of protocol 

changes, etc.) remains unclear. We believe a BLA submission could be mid2006, at the earliest.74

90. CIBC downgraded its rating for Isolagen to “Sector Performer-Spec,” stating: 

Mgmt has been generally less available than usual and we are concerned because 

if the results were stellar we believe they would have disclosed them by now. On 

the occasions when we have spoken to ILE they have told us that the data is still 

being compiled. 

We anticipate the results will have to be disclosed shortly. Effective 8/1, we are 

lowering our investment opinion to Sector Performer-Spec. from Sector 

Outperformer-Spec. until we see the results and have a better understanding of 

where the company stands with regard to FDA approval. 

We note that the stock has had a good run off the bottom in recent weeks. As a 

result of our downgrade, we are no longer carrying a price target on ILE shares 

(was $13). As of March 31, 2005, the company had $110M in cash or 

$3.60/share, which should provide support for the stock.75

91. Legg Mason lowered its price target on the stock, stating: 

While disappointing, we believe that the results are more likely related to trial 

execution, rather than indicative of a lack of efficacy for the Isolagen process. 

We caution investors that the next few quarters for Isolagen could be volatile, as 

were are expecting such events as a restructuring to lower the company’s burn 

rate, hiring of a new CEO, and continuing updates on commercialization of the 

Isolagen process in the U.K., which has been somewhat unpredictable to date. 

Again, while this announcement is disappointing, we believe the announcement is 

now reflected in the current share price, and ultimately, the Isolagen process 

 

74 Adams Harkness, “Phase III Data Mixed, New Trial Planned; Reiterate MP,” August 1, 2005. 

75 CIBC World Markets, “Isolagen, Inc., Downgrading to Sector Performer, Given No News on 

U.S. Pivotal Trial,” August 1, 2005. 

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remains approvable. We maintain our Buy rating on the shares, but are lowering 

our 12 month target price from $7 to $5 to reflect the delay. 

We are maintaining our 2005 loss per share estimate of $0.88 and lowering our 

2006 loss per share.76

92. UBS stated that “we are somewhat concerned by the wide variance in response 

rates among the study sites ...” and that they were “curious about the injection technique issue, 

as it seems like the company should have ensured that the physicians in the trial were already 

properly trained before allowing them to participate ....”77 

93. August 9–10, 2005: On Tuesday, August 9, 2005, Isolagen’s stock price dropped 

9.8% (10.4% net of market effects), to close at $2.66. This was a statistically significant return. 

The matrix price of the Convertible Notes decreased $1.13 per $100 face value to $60.50. On 

August 10, 2005, the price of Isolagen’s stock dropped 6.0% (6.1% net of market and industry 

effects), although this was not a statistically significant return. The Convertible Notes dropped 

$1.38 per $100 face value to $59.13 on August 10. 

94. On August 9, 2005, the Company filed its Form 10-Q for the second quarter 2005 

with the SEC78 reporting losses that were higher than some analysts anticipated. After market 

close on August 9, 2005, the Company held a conference call to discuss the Company’s second 

quarter 2005 results and provide a business update. During the call, the Company lowered its 

revenue guidance for fiscal 2005 from $15 million to a range of $10–$15 million based on the 

following: 

 

76 Legg Mason, “Isolagen AMEX:ILE, Mixed Phase III Trial Results; Maintain Buy Rating,” 

August 1, 2005. 

77 UBS Investment Research, “First Read: Isolagen Inc.; Dermal Headline Data Released,” 

August 1, 2005. 

78 Dow Jones Corporate Filings Alert, “Isolagen 2Q Loss 33c/Shr,” 3:04 pm, August 9, 2005. 

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This [revenue] guidance range is based on several important factors that include 

one, matching market demand with planned capacity in particular during our 

changeover from flash to cell factory technology, which should be fully 

completed in the third quarter and two, our ability to execute our promotional 

marketing and special events programs in the United Kingdom.79

95. The Company also disclosed that the ACE prototypes would be delivered to 

Switzerland and the United Kingdom in the first half of 2006, as opposed to previously 

announced December 2005: 

Development of the ACE system is continuing on schedule and the project is now 

being led by Mr. John Edison, formerly of the Guidant Corporation, and Dr. 

Albert LeMae (ph). Prototypes to be—first prototypes are to be delivered to 

Exton and Switzerland for testing in the first half of 2006. ... 

[W]e’ll be delivering first prototypes to both Exton and Switzerland in the first 

half of 2006. And as Switzerland comes on line certainly it’ll be coming on line 

with the ACE technology. And ultimately in the U.S. we’ll be using the ACE 

technology. So I mean we’re looking for real working ACE units delivered in the 

first half of 2006. ...80

 

79 Fair Disclosure Wire, “Q2 2005 Isolagen Inc Earnings Conference Call—Final,” August 9, 

2005. 

80 Fair Disclosure Wire, “Q2 2005 Isolagen Inc Earnings Conference Call—Final,” August 9, 

2005. During the questions and answer session, the company stated: 

ADAM PECK, ANALYST, HEARTLAND ADVISORS: Hi, guys. Question on 

the delivery of the ACE units to Switzerland. On the last call you said that would 

be done in December and now I guess it’s going to be pushed back to ’06. What’s 

the reason for the pushback? 

MARTIN SCHMIEG: I don’t know that we’re drawing the line that fine, Adam. 

... 

MARTIN SCHMIEG: Well, we’re trying our hardest. We’re as one of the things I 

alluded to in the call, our ACE team is becoming better and better and better every 

day. John Edison is a world-class operator in the development of medical 

devices. He comes from one of the country’s leading medical device 

manufacturers. Dr. LeMae, by his resume, is an amazing find for the corporation. 

And as people like John and Dr. LeMae get more and more involved in the 

product and we continue our development with our partners in this project, our 

time schedules become better and better and our delivery schedules become better 

and better and our confidence level gets higher and higher. 

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ADAM PECK: So the pushback from December to ‘06 is basically just 

management turnover then? 

MARTIN SCHMIEG: It’s management augmentation is the way I like to talk 

about that. 

96. In the conference call the Company also provided additional clarity regarding the 

Phase III dermal trial and the BLA filing, stating: 

As recently presented, our 2 Phase III dermal trials met only 3 of the 4 endpoints. 

However, we did achieve statistical significance. The results were effective in 

prying 2 important points, the first being that when the Isolagen process is used 

correctly, we received excellent patient results and second, the Isolagen process is 

safe. In all the trials to date we have had no adverse reactions or prevalent safety 

issues. 

To further augment these findings and support our planned BLA filing, we will 

commence an additional Phase III trial this year. The Phase III trial protocol is 

under development as we speak and may include a certification process for all the 

participating clinicians, tighter criteria for study participants, an expanded 

measurement scale, improved photography for documentation and measurement 

purposes, implementation of a quality control system throughout the trial with the 

ability to alter or augment the trial during the study. And we may include our 

new cell factory technology for clinical supplies. 

Again, we plan to be expeditious but thorough in our new Phase III trial to as best 

as possible ensure a successful outcome and FDA clearance at the earliest 

possible date. We continue to build momentum through a revitalized 

management team. 81

97. The Company also discussed manufacturing capacity in the United Kingdom, 

stating: 

PAT PACE: ... And then I just want to push you a little bit on this new guidance 

of $10 to $15 million in the UK. You already touched on the promotional 

marketing and the activity in the UK. But you brought up the manufacturing 

capacity issue again, which I know at one point I guess it was before you joined 

 

So I think it’s just good for us to in general terms note that we’ll be delivering to 

those 2 facilities in the first half of 2006. That doesn’t mean that there won’t be 

working prototypes before that at the development sites. That’s when they’ll be 

sent out to the facilities to commence their shakedowns. 

81 Fair Disclosure Wire, “Q2 2005 Isolagen Inc Earnings Conference Call—Final,” August 9, 

2005. 

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the Company, there was apparently maybe a manufacturing capacity issue in the 

UK. 

And then you guys said if I recall correctly in May, that there was not a 

manufacturing capacity issue in the UK. That if you lowered guidance to $15 

million basically because of the lack of ability to market over there. And I’m just 

curious at this point. Can you revisit the capacity issue and tell us why there 

might be a capacity issue over there? 

MARTIN SCHMIEG: Well certainly the implementation of cell factories 

improves our capacity in the UK. However, as you know, in any business when 

you go from one process to another, you have a learning curve. You have a staff 

retraining. You have new processes and procedures that have to put in place. 

And during this transition period, our capacity has been in flux from those and 

also from having to realign our factory. As I mentioned we’ll be through that 

hopefully by the third quarter in anticipation of ever increasing demand from the 

fourth quarter of 2005 through 2006. 

98. During the conference call, Isolagen also disclosed that as of August 3, 2005, Mr. 

Stephen Fanning stepped down from his seat on Isolagen’s Board of Directors “in order to meet 

the unexpected increased time demands of his primary position as officer and director of 

Thermage, Inc.” The Company also stated that Senior VP and Chief Technical Science Officer 

for Isolagen, Dr. Kimberley Forbes-McKean’s contract with Isolagen would be expiring in the 

near future and the Company would not be renewing the contract at that time. 

99. CIBC issued a report that day82 stating that Isolagen’s net losses exceeded its 

estimates, and reiterated its “Sector Performer neutral” rating given its expectation that 

Isolagen’s stock price would remain flat until clinical data supported an FDA approval: 

ILE reported 2Q05 revenues of $2.3 million versus $0.5 million a year ago and 

$2.7 million in 1Q05. Revenues were shy of our $2.7 million estimate. Net loss 

for the quarter was $10 million versus a net loss of $3.9 million a year ago. We 

were estimating a net loss of $6.4 million. 

 

82 CIBC World Markets, “Isolagen Inc., Net Loss Exceeds Our Estimates; Revenue Guidance 

Lowered,” August 9, 2005. This report does not specify the time of publication, however, it 

references the aftermarket conference call, indicating that it was published after market close on 

August 9. 

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The higher net loss than we were estimating was due to R&D and SG&A 

expenses that exceeded our ests due to consulting fees, laboratory costs and 

additional headcount associated with clinical trials. We now estimate these costs 

to run close to this 2Q05 level over the next few quarters. 

ILE lowered its revenue guidance for 2005 to a range of $10–$15M, down from 

$15M previously. We are lowering our 2005 revenue estimate to $10.8M from 

$11.1M to reflect the just reported quarter. Our 2006 revenue estimate for 2006 is 

unchanged at $13.5M. 

We remain neutral on ILE at this time given that we should continue to see a 

substantial burn rate, and the stock is likely to be flat until we can see clinical data 

to support an FDA approval. ... 

Based on our model we still estimate that Isolagen will have enough cash to carry 

them through to profitability in 3Q07 by our estimates, however, any more 

significant delays in U.S. approval could result in the need for the company to 

raise additional capital. We estimate the company will have cash at the end of 

2Q07 of $24 million, which includes our assumptions for capital expenditures on 

the facilities. ... 

We reiterate our Sector Performer neutral rating at this time given that we should 

continue to see a substantial burn rate and the stock is likely to be flat until we can 

see clinical data to support an FDA approval. 

CIBC noted that “It sounds as if [the ACE development schedule] is unchanged from the last 

earnings call when the company discussed validating the ACE systems between January and 

April of 2006.” 

100. In its August 10, 2005 report, Legg Mason reduced its estimates for the 

Company’s expected losses, stating:83

While we are disappointed with the recent events and results, ultimately, we 

continue to believe that the Isolagen process is efficacious and approvable. We 

note that dermal defects represent a large and growing market opportunity. Given 

this, we are maintaining our Buy rating and $5 target price on the shares, as we 

believe the recent events are reflected in the current share price. Despite our 

continued Buy rating, we do caution investors that Isolagen remains a speculative 

investment, and that the next few quarters for Isolagen could be volatile, as we are 

expecting such events as a restructuring to lower the company’s burn rate, hiring 

 

83 Isolagen’s stock price also dropped 6.0% (6.1% net of market effects) to close at $2.50 on 

August 10, 2005, although this was not a statistically significant return. 

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of a new CEO, and continuing updates on commercialization of the Isolagen 

process in the U.K., which remains unpredictable to date. At present, we do not 

expect Isolagen to raise additional capital in the near term. We also note that a 

new CEO could further alter expected product timelines as well. Given the 

quarterly results, we are revising our model. We are lowering our 2005 and 2006 

loss per share estimates from $0.88 and $0.93 to $1.22 and $1.33.84

101. In its August 10, 2005 report, Adams Harness lowered its estimates, stating: 

Weaker-than-expected 2Q reflects advertising restrictions in the UK market and 

manufacturing transitions. Following recent approval by the ASA, ILE has 

resumed marketing in this major market and will have its cell factoring process in 

place by the end of 3Q. We remain at Market Perform. 

2Q revenue was $2.3M, below our $2.9M estimate. Deferred revenue of $2.6M is 

down $0.4M Q/Q. We estimate about 30–35 physicians treated 1,370 patients in 

2Q, flat with 1Q. Pricing for the Isolagen process is down Y/Y (15%) due in part 

to a host of treatment offerings as well as promotional flexibility, and we estimate 

an ASP per patent of ~$1,700. 

ILE lowers CY05 revenue guidance to $10M-$15M (from $15M) due to 

continued impact from the “interruption” in its UK marketing as well as ongoing 

manufacturing process improvements over the next six months. We lower our ‘05 

and ‘06 revenue to $10.3M and $15.8M from $13.2M and $27.8M, respectively. 

On a positive note, we expect ILE to announce a new CEO (with public market 

experience) in 3Q, reach profitability at its U.K. facility by YE06, and begin 

selling into the South American market in 2006. ILE also has $88.3M in cash 

($2.92/share). 

We view 2005 largely as a transition period as the Company works through its 

new U.S. clinical trial protocol (Study “C” to start in November) as well as 

upgrading its manufacturing capabilities. We lower our revenue estimates to a 

more appropriate level to account for the aforementioned issues and to reflect 

management’s new guidance. We expect the Company to ship its new ACE 

manufacturing system prototype by YE05 with installation and testing to take 

place in 1H06.85 

 

84 Legg Mason, “Isolagen AMEX:ILE, Reports 2Q Results; Maintain Buy Rating,” August 10, 

2005. 

85 Adams Harkness, “Isolagen Inc., Soft 2Q Results; No Change to Market Perform Thesis,” 

August 10, 2005. 

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102. UBS maintained its “Neutral 2” rating and price target for Isolagen, but lowered is 

2005 and 2006 EPS estimates to losses of $1.04 and $1.06 from losses of $0.79 and $1.04, 

stating: 

We believe ILE’s manufacturing costs were higher than anticipated due to efforts 

to streamline the flask process. We believe this process ... could eventually push 

gross margins to the low 50’s. ... 

As the ILE lowered [revenue] guidance, we view the conflicting messages about 

the current market trends in the UK as confusing. With the discussions 

surrounding both discounting efforts and potential capacity issues in the UK, it 

remains unclear to us whether the issue there is a demand one or a supply one. 

As we outlined in our downgrade last week, the risk of additional departures from 

ILE raised the risk profile, in our opinion. Today, we learned that both Dr. 

Forbes-McKean and new board members Stephen Fanning are, or will be leaving 

ILE. ... 

The company noted that it was hopeful that ACE [] prototypes would be ready in 

1H06, a slight delay from previous guidance of the end of ‘05. We view ACE as 

the only real solution to achieving gross margins above the low 50’s. 

No new information was provided about the planning of the new phase 3 trial, 

except to remind us that the doctors selected will have to be properly trained in 

injection techniques. We continue to view this as an interesting issue. If the 

injection technique is tough to learn, or replicate, the long-term potential of the 

dermal indication could be affected. The execution of this trial should help 

answer that question. 

With [Dr. Forbes-McKean and Mr. Fanning’s departures] the search for a new 

CEO increases in importance ... [It has become] unclear if the leadership is 

stabilizing or actually deteriorating.86

103. My analysis shows that the partial disclosures related to the effectiveness of the 

Isolagen Process, its manufacturing abilities, and the timing of the Company’s BLA application 

and its ability to gain FDA approval during the Class Period caused the price of Isolagen to 

decline. Specifically, the partial disclosures caused a decline in Isolagen’s stock price on August 

1 and August 9–10, 2005. If Isolagen had accurately and timely reported the alleged lack of 

 

86 UBS Investment Research, “Isolagen Inc.; 2Q05 Results Review,” August 10, 2005. 

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 A–1 

Appendix: Regression Analysis and Event Study 

1. Regression analysis is a statistical tool commonly used by economists to estimate 

the relationships between two or more variables. Regression analysis can be used to measure the 

relationship between a company’s stock return and (1) changes in market-wide factors that 

would be expected to impact all stocks and (2) changes in industry-wide factors that would be 

expected to impact all stocks in a particular industry. By measuring how the stock return of a 

company moves in relation to an overall market index and an industry index, one can also 

measure how a company’s stock return responds to company-specific news. This assists in 

determining dates on which a company’s daily stock price return is significantly different from 

the return which would have been expected based on the return on a market index and on an 

industry index. 

2. A period of time over which to estimate the regression equation, a control period, 

must be selected. It is important to select a control period that is representative of the Company 

during the Class Period. It also is important to select a control period with as little impact as 

possible from the fraud in determining the normalized relationship between a company’s stock 

return and the return on a market index and an industry index.1

 In this case, I used a control 

period from January 2, 2004 through December 31, 2004, inclusive. This period overlaps the 

Class Period by approximately ten months.2

 The regression equation from the control period 

explains the expected variation in the Isolagen stock return based on changes in the market. The 

 

1 See, e.g., Cornell, Bradford and R. Gregory Morgan, “Using Finance Theory to Measure 

Damages in Fraud on the Market Cases,” UCLA Law Review, 37 (June 1990) 883, p. 898. 

2

 The control period is typically a one-year period that occurs prior to the start of the Class 

Period. However, in this case, the return on the market index was not significantly correlated 

with the return on Isolagen stock during the one-year, nine-month or six-month period prior to 

the start of the Class Period. 

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 A–2 

explained variation is measured by the square of the correlation coefficient, or R-squared,3

 and 

the regression equation is statistically significant, as measured by the F-statistic.4

 The regression 

analysis and regression equation are provided in Exhibit 9. 

3. The market index is a market capitalization weighted composite of all stocks 

traded on the NYSE, American Stock Exchange (“Amex”), and NASDAQ (the 

NYSE/Amex/NASDAQ composite index, or “NAN”). This broad-based market index is 

commonly used by economists as a representation of the market and the data are provided by 

CRSP.5

4. More than 50 companies were considered for use in an industry index. 

Companies considered for the industry index include those that are listed as competitors in 

Isolagen’s SEC filings during the Class Period, companies referred to in analysts’ reports as 

competitors or comparables to Isolagen during the Class Period, and constituents in certain 

 

3

 The correlation coefficient, r, is a dimensionless index that ranges from -1.0 to 1.0 inclusive 

and reflects the extent of a linear relationship between two data sets. The r-squared value can be 

interpreted as the proportion of the variance in the dependent variable attributable to the variance 

in the independent variable(s) and ranges from 0 to 1.0. In this case, the dependent variable is 

Isolagen stock return and independent variable is the market index return. The r-squared value 

measures the percentage of the total variance in Isolagen’s stock return that is explained by the 

market index return. The r2 is 0.05 for this regression is relatively small; in these types of 

regressions, the usual range is from 0.10 to 0.50. 

4

 The F-statistic is the result of a statistical test to determine whether a significant relationship 

exists between the dependent variable and the set of independent variables. Here the F-statistic 

is 12.12 and is significant at greater than the 99% level of confidence, i.e., there is a greater than 

99% probability that there is a statistically significant relationship between Isolagen stock return 

and return on the market index. 

5

 CRSP is the Center for Research in Securities Prices at the Graduate School of Business, 

University of Chicago. 

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 A–3 

industry indices that included Isolagen.6

 A list of companies considered for the industry index is 

provided in Exhibit 14. 

5. First, the daily stock return for each company considered for the industry index 

was regressed on the market index return during the control period. The residual return7

 from 

each of these regression equations was calculated. Isolagen stock’s daily return then was 

regressed as a dependent variable against the residual return from each of these regressions as the 

independent variable, to determine whether they were significantly correlated (i.e., to determine 

whether after excluding market effects each company’s daily residual return helped to explain 

the daily return on Isolagen stock). In this matter, of the more than 50 companies considered, 

almost all of the companies’ daily residual returns are not statistically significantly and positively 

correlated with Isolagen stock’s daily return during the control period.8, 9 As a result, I have 

excluded an industry index from my event study analysis. This result is not necessarily 

surprising because Isolagen is essentially a small, one-product company. 

 

6

 Industry indices that were considered include: AMEX Biotech index; MSN Index of Generic 

Drug Companies; and companies listed as competitors of Isolagen in Yahoo! Finance. 

7

 The residual return is the difference between the actual return on each day and the day’s 

expected return calculated from a regression equation and is a measure of the portion of each 

daily return not explained by changes in the market index. 

8

 The daily residual returns for Invitrogen Corp. (IVGN) and Boston Scientific Corp. (BSX) are 

statistically significantly and positively correlated with Isolagen’s daily stock return during the 

control period. However, based on company descriptions, they are not competitors of, or in the 

same businesses, as Isolagen and a two-company index based on these two companies does not 

seem appropriate. 

9

 Statistical significance is measured by the t-statistic of the of the regression coefficient of the 

residual return of the competitor or comparable company in the regression equation. If the tstatistic is greater than 1.98, there is a 95% probability that the regression coefficient is not equal 

to zero, i.e., it is not a spurious result, and that Isolagen stock return is correlated with the 

residual return of the competitor or comparable company. The 95% level of confidence is a 

measure frequently employed by economists to determine statistical significance. 

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 A–4 

6. Isolagen stock’s daily return is statistically significantly correlated with the daily 

return of the market index, as indicated by the t-statistic for the market index in Exhibit 9. The 

result of this regression is the regression equation that is used to estimate expected Isolagen stock 

returns; the results of the regression analysis and the regression equation appear in Exhibit 10. 

7. Expected Isolagen stock return is the change in Isolagen stock prices due to 

market factors, i.e., stock prices can and do change when new information or valuation 

assessments can potentially change the values of all stocks in an economy (market effects). On 

each day of the Class Period, the expected return for Isolagen stock is calculated from the 

regression equation. On each day of the Class Period, the difference between the actual Isolagen 

stock return and its expected return is a measure of the change in the stock price due to companyspecific events.10 Company-specific events include any news, analyst coverage, oral 

commentary, or other information that changes market participants’ perceptions about the value 

of a company. 

8. An event study is used to disentangle the effects of company-specific information 

from market information—in other words, to determine whether news affecting Isolagen 

promptly caused a measurable share price reaction after accounting for general market effects. 

An event study as applied to litigation has been described as: 

The execution of an event study is quite simple. It involves the identification of an event 

that causes investors to change their expectations about the value of a firm. The 

investigator compares a stock price movement contemporaneous with the event to the 

 

10 The measure of significance is the z-statistic and is equal to: (actual return – expected return) / 

standard error. The standard error of the prediction measures the relative volatility of Isolagen 

stock return compared to the predicted return on Isolagen stock. The larger the standard error, 

the greater the residual return must be in order to be considered statistically different from its 

predicted return. If the z-statistic is greater than or equal to 1.96 or less than or equal to -1.96, 

the difference between the two returns is significantly difference from zero at the 95% level of 

confidence, i.e., there is a 95% probability that the difference between the actual return and 

expected return is not equal to zero. 

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 A–5 

expected stock price movement if the event had not taken place. There are three basic 

steps in conduction an events study: (i) define the event window; (ii) calculate abnormal 

stock price performance around the event; and (iii) test for statistical significance of the 

abnormal stock price performance. ... 

For those events that are subject to leakage, defining the beginning of the event window 

can be problematic. ... Ideally, the first day of the event window corresponding to a[n 

event] would be the date on which investors began trading on news about the upcoming 

[event], regardless of whether the news was based on rumors, inside information, a 

Schedule 13D filing, or a public announcement [about the event]. In practice, this date is 

difficult to define and some degree of judgment is required generally based on price and 

volume movements prior to the [event] announcement. 

... [I]n many securities fraud cases the relevant information is revealed slowly over time, 

while during the same period investors receive other, sometimes unrelated, information 

about the firm(s) in question. In the latter case, it is relatively difficult to choose an 

appropriate window. The main advice is to carefully identify the exact dates during 

which the information is in question reached the market, and then restrict the window to a 

short period, if possible, generally two or three days around each release of new 

information. ... 

In general, a test of significance aims to answer the question of whether an observed 

difference is real or simply occurred by chance. 

... An often used convention is the five percent rule—[z-statistics] greater than or equal 

to 1.96 standard deviations from the mean value are considered significantly different 

from the typical value because there is only a five percent chance that a randomly 

selected value will be 1.96 or more standard deviations from the true mean. ... The 

decision rule may be more stringent. For example, ... a one percent likelihood ... if the 

z-statistic is greater than or equal to 2.58 ... A third commonly used decision rule is ten 

percent ... a randomly selected value will lie 1.65 standard deviation or more from the 

mean value. Generally, researchers use a decision rule based on one percent, five 

percent, or ten percent significance levels. 

... the finding that the associated stock return is large enough to be statistically 

significant implies the information is material.11

9. A chronology is provided as Exhibit 11, which shows each day during the Class 

Period with the day’s closing stock price, volume, stock return, titles of news articles and 

Company press releases,12 indication of SEC filings, and titles of analyst reports. 

 

11 Mitchell, Mark L. and Jeffry M. Netter, “The Role of Financial Economics in Securities Fraud 

Cases: Applications at the Securities and Exchange Commission,” The Business Lawyer, 49, 545. 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 59 of 218
 

 

 A–6 

 12 Articles were obtained from Bloomberg (company ticker equal to “ILE”) and Dow Jones’ 

Factiva (where “Isolagen” is contained in the article). Company press releases are from Business 

Wire and PR Newswire (obtained through FactSet Research Systems, Inc.). Only headlines and 

lead paragraphs are provided in Exhibit 11. The entire articles are publicly available and are not 

included in Exhibit 11 in order to reduce the length of this exhibit. 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 60 of 218
Isolagen, Inc. Securities Litigation

List of Exhibits

1 Resume and Testimony of Jane D. Nettesheim

2 Document List

3 A Graph of Isolagen Stock Prices and Volume

3 B Table of Isolagen Stock Prices and Volume

4 Isolagen Stock Weekly Trade and Volume Analysis

5 List of Securities Analysts Reports

6 Short Interest in Isolagen Stock

7 Institutional Holdings

8 Quarterly Increases in Institutional Holdings

9 Isolagen Common Stock Regression Model Output

10 Isolagen Common Stock Actual vs. Predicted Returns

11 Chronology ─ News Articles, Press Releases, Analyst Reports, and SEC Filings during the Class Period

12 A Graph of Isolagen Convertible Notes Prices vs. Isolagen Stock Price

12 B Table of Isolagen Convertible Notes Prices vs. Isolagen Stock Price

13 Regression Results ─ Daily Changes in Isolagen Convertible Notes Matrix Prices v. Isolagen Stock Price Returns

14 Companies Considered for Industry Index

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 61 of 218
Exhibit 1

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 62 of 218
1

JANE D. NETTESHEIM

702 Marshall Street, Suite 200 

Redwood City, California 94063 

Telephone: (650) 298-0200 

Fax: (650) 298-0210 

E-mail: jane@scginc.com 

PROFESSIONAL BACKGROUND

Stanford Consulting Group, Inc. 

Vice President 

Economic consultant and testifying expert specializing in finance, intellectual property and insurance 

economics. Project experience includes: 

Cost of capital and required underwriting margin analyses for property/casualty insurers in various states 

for use in regulatory hearings into appropriate insurer profitability levels in those states. 

Study of economic market structure of workers' compensation insurance and analysis of various rating 

laws. 

Analysis of economic damages alleged in numerous class actions as a result of alleged misrepresentation 

and fraud. 

Analysis of economic damages suffered by parties to business litigation involving issues related to product 

liability, fraud, wrongful contract termination, unfair competition, and business valuation. 

Numerous analyses of economic damages to various involved parties in wrongful death litigation, personal 

injury litigation, and wrongful termination litigation. 

Study of auto physical damage and small group health insurance futures proposed for trading by the 

Chicago Board of Trade, including analysis of the impact of trading in insurance futures on auto and health 

insurance industry market structure. 

Examination of financial structures of holding companies of savings and loan associations and investment 

portfolios of savings and loan associations. 

Analysis of high-yield debt securities, including examination of financial statements, securities' 

prospectuses and related filings. Performed valuation analyses of below investment grade debt securities. 

Analysis of lost revenues and profits in cases of alleged patent infringement and anti-competitive market 

behavior. Analyses included definition of relevant markets, examination of product differentiation, and 

appropriate allocation of costs. 

Analysis of merger and acquisition issues of an attempted takeover by large foreign interests of foreign 

company which owns major U.S. property and casualty insurer; including analysis of risk of insurer's 

investment portfolio, consequences of the proposed altering of that portfolio into riskier stock and equity 

securities, and appropriate financial structure of an insurance company. 

Development and application of economic theory and technology to calculate damages in several large 

securities litigation cases. The technology incorporates timing of information releases, materiality of 

information, class period, class certification, trading behavior, and extent of damages. 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 63 of 218
2

Numerous analyses of damages incurred by alleged environmental hazards incorporating past costs and 

estimates of future costs of maintaining and abating the hazard. Development of econometric models used 

to estimate change in real asset values due to presence of alleged environmental hazard. 

University of San Francisco

Visiting Lecturer of Corporate Finance in M.B.A. program. 

London Business School

Course Tutor for Executive Courses on Securities and International Finance. Involved in various 

consulting projects. 

Applied option pricing theory in pricing interest rate swaps. Applied duration and immunization concepts 

to constructing and hedging a portfolio of interest rate swaps. 

Performed cost of capital analysis for a very large and diversified corporation for use in estimating 

appropriate share price when privatized by the British government. 

Analysis of the risk characteristics of an internationally diversified stock portfolio. 

City University of London 

Visiting Lecturer of Corporate Finance in M.B.A. program. 

Institute of Monetary and Banking Studies, Geneva

Course Tutor for Executive Courses on Securities and Portfolio Management. 

University of Hawaii

Visiting Lecturer of Managerial Economics, undergraduate. 

Bank of Honolulu

Bank operations officer. 

United Bank of Boulder

Bank operations supervisor. 

EDUCATION

London Business School 

Completed coursework requirements in program for Ph.D. in finance, 1986-89. 

University of Hawaii

M.B.A., 1985. 

Beta Gamma Sigma. 

University of Colorado

B.A. in biology, 1978. 

MONOGRAPHS 

“Report on the Medical Malpractice Insurance Delivery System in Pennsylvania” with Hofflander, A.E. 

and Nye, B.F., 47 pp. (2001). 

“White Paper -- Small Group Health Insurance Futures,” with Hofflander, A.E. and Nye, B.F. Chicago 

Board of Trade, Chicago, 75 pp. (1991). 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 64 of 218
3

“White Paper -- Auto Physical Damage Insurance Futures,” with Hofflander, A.E., Nye, B.F. and 

Charlesworth, L.B. Chicago Board of Trade, Chicago, 92 pp. (1991). 

PRESENTATIONS

“The Medical Malpractice Insurance Delivery System in Pennsylvania,” with Alfred E. Hofflander. 

Presented in January 2002 in Harrisburg, PA. 

 “A Comparative Evaluation of Workers' Compensation Rating Laws,” with Alfred E. Hofflander and 

Blaine F. Nye. Presented in August 1992 at the American Risk and Insurance Association Annual Meeting 

in Washington D.C.. 

“Hedging Risk with Small Group Health Insurance Futures,” with Alfred E. Hofflander and Blaine F. Nye. 

Presented in June 1991 at the International Insurance Society in San Francisco, California. 

“The Impact of Insurance Futures on the Insurance Cash Market,” with Alfred E. Hofflander and Blaine F. 

Nye. Presented in April 1991 at the Risk Theory Seminar at Pennsylvania State University. 

“From Three Flowers to Allstate: Evolution of Income Taxation of Captive Insurers,” with Alfred E. 

Hofflander, Blaine F. Nye and M. Rose Kelly. Presented in August 1990 at the American Risk and 

Insurance Association Annual Meeting in Orlando, Florida. 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 65 of 218
Testimony of Jane D. Nettesheim

October 26, 2007 

 

The Archdiocese of Milwaukee Supporting Fund, Inc., et al., v. Halliburton 

Company, et al., United States District Court, Northern District of Texas, Dallas 

Division, Master Docket No. 3:02-CV-1152-M, October 16, 2007 (deposition). 

Dal B. Gurung v. Sheila H. Tsang and Bonnie G. Tsang, Superior Court of the 

State of California, County of San Francisco, Case No. CGC-06-452511, June 19, 

2007 (deposition). 

Matthew Serino, et al., v. Kenneth Lipper, et al., Supreme Court of the State of 

New York, County of New York, Index No. 02/604396, Fredda Levitt, et al., v. 

Pricewaterhousecoopers, LLP, United States District Court, Southern District of 

New York, Civ. Action No. 04CV5179, May 23, 2007 (deposition). 

Bernadette F. Abramson, et al., v. Gavilan Aviation, Inc., et al., Superior Court of 

the State of California, County of San Benito, Case No. CV060083, May 10, 2007 

(deposition), October 18, 2007 (deposition). 

Terry Walker, Individually and On Behalf of All Others Similarly Situated, v. 

Rent-A-Center, Inc., et al., United States District Court, Eastern District of Texas, 

Texarkana Division, Case No. 5:02cv3 (DF), April 20, 2006 (deposition). 

Sheldon Pekin, Independent Executor of the Estate of Joanne Pekin v. Evanston 

Northwestern Healthcare Corporation, et al., Circuit Court of Cook County, 

Illinois, No. 01 L 07946, February 17, 2006 (deposition), August 21, 2006 

(deposition). 

In Re Retek, Inc. Securities Litigation, United States District Court, District of 

Minnesota, Master File No. 0:02-CV-4209-JRT/SRN, October 6, 2005 

(deposition). 

Amber Lindsey v. Integrated Archive Systems, Superior Court of the State of 

California, County of Santa Clara, Case No. 104CV024249, October 4, 2005 

(deposition). 

Robert Mamon v. Children’s Hospital of Oakland, et al., Superior Court of the 

State of California, County of Oakland, Northern Division, Case No. 

RG03091442, August 4, 2005 (deposition). 

In Re GenesisIntermedia, Inc. Securities Litigation, United States District Court, 

District of Minnesota, Case No. 03-CV-3471 (RHK/AJB), May 3, 2005 

(deposition). 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 66 of 218
2

In Re Paxil Products Liability Litigation, United States District Court for the 

Central District of California, Western Division, Master File No. CV 01-7937 

MRP, March 29, 2005 (deposition). 

Heidi Betz v. Trainer Wortham & Company, Inc., David P. Como, First Republic 

Bank, a Nevada Corp., and Robert Vile, United States District Court for the 

Northern District of California, San Francisco Division, Case No. C-03-3231-SI, 

February 8, 2005 (deposition). 

Paul Vincent Dismukes, et al. v. Tony Y. Tam, Oak Valley Hospital, Oak Valley 

Hospital District, Superior Court of the State of California, County of Stanislaus, 

Case No. 339898, February 7, 2005 (deposition), February 9, 2005 (trial). 

Kathleen Silva and Haley Silva v. Richard Lindsey, DBA Sunrise Dairy, and 

Foster Farms Dairy, Superior Court of the State of California, County of 

Alameda, Northern Division, Case No. 2001-023134, December 17, 2004 

(deposition). 

Kim Geisinger and Mason Geisinger v. Dahl-Beck Electric Company, Gregory 

Hernandez, Does 1 through 100, inclusive, Superior Court of the State of 

California, Case No. C02-02932, September 14, 2004 (deposition), September 30, 

2004 (deposition). 

In Re Homestore.com, Inc. Securities Litigation, United States District Court For 

The Central District of California, Western Division, Master File No. 01-CV1115 MJP, May 6, 2004 (deposition). 

David Del Castillo v. Melmar Express, Inc., San Joaquin County Superior Court, 

Case No. CV 019216, February 27, 2004 (deposition), April 1, 2004 (trial). 

In Re Air Crash at Taipei, Taiwan, on October 31, 2000, United States District 

Court, Central District of California, MDL Docket No. 1394-GAF, September 3, 

2003 (Diaz) (deposition), November 4, 2003 (Yeh) (deposition), May 11, 2004 

(Peng) (deposition). 

In Re First Alliance Mortgage Company, United States District Court, Central 

District of California, Case No. SA CV 01-971 DOC, December 17, 2002 

(deposition), February 26, March 5 and 6, 2003 (trial). 

William E. Elder, Jr. v. British Airways, PLC, United States District Court, 

Northern District of California, Case No. C-01-2811 SI (EMC), November 20, 

2002 (deposition). 

Elizabeth W. Vobach v. Goldman Sachs, & Co., et al., NYSE Arbitration Docket 

No. 2001-009311, July 8, 2002 (arbitration). 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 67 of 218
3

Susan Snyder v. Steven Tager, D.P.M., Santa Clara County Superior Court, Case 

No. CV 794642, April 2, 2002 (deposition), May 3, 2002 (trial). 

Carl Miles v. Genie Industries, Inc., et al., United States District Court, Eastern 

District of Missouri, Eastern Division, Case No. 4:00CV1470 RWS, March 11, 

2002 (deposition). 

Barbara Briglio Finizio, et al. v. Harvest Inn, et al., Napa County Superior Court, 

Case No. 26-10314, February 22, 2002 (deposition). 

Susie Low, et al. v. United Air Lines and The Boeing Company, Orange County 

Superior Court, Case No. 00CC06600, February 18, 2002 (deposition). 

Estate of Kenneth W. Himsel, et al. v. Raytheon Aircraft Company, United States 

District Court, District of Alaska, No. A99-0397 CV (JWS), August 31, 2001 

(deposition). 

Jeffrey R. Freund v. Nycomed Amersham, et al., United States District Court, 

Southern District of California, No. 99CV 2202IEG POR, April 6, 2001 (trial). 

Barbara Porch v. General Motors Acceptance Corp., State of Minnesota, District 

Court, Fourth Judicial District, No. CT 97-7457, April 7, 2000 (deposition), July 

27, 2000 (deposition). 

William Dearmon v. Mercury Finance Company of Tennessee, Chancery Court of 

Williamson County, Tennessee, Case No. 24583, April 5, 2000 (deposition). 

Paul C. Acree, et al. v. General Motors Acceptance Corporation, California 

Superior Court, Sacramento County, July 1995 (trial), December 1997 (reference 

process). 

Charterhouse Realty Group, et al. v. Jones, Day, Reavis & Pogue, et al., 

California Superior Court, Los Angeles County, April 1996 (trial).

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 68 of 218
Exhibit 2

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 69 of 218
Exhibit 2 

Isolagen

Document List

Document Source

First Corrected Consolidated Class Action Complaint Counsel

SEC Filings from Isolagen (Forms 8-K, 10-K, 10-Q, S-3, and DEF 14A) SEC

News Headlines and Various Full Articles Bloomberg, Factiva

Isolagen Press Releases Factiva

Analyst Reports FactSet, Investext, Counsel

Closing Price and Volume of Isolagen Common Stock FactSet

Matrix Prices of Isolagen Convertible Notes FactSet

Short Interest Bloomberg

Institutional Holdings Thomson Financial

Closing Prices for NYSE/AMEX/Nasdaq Composite CRSP

Closing Prices for Isolagen's Peers and Competitors FactSet

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 70 of 218
Exhibit 3

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 71 of 218
Exhibit 3A

Isolagen

Common Stock Price and Volume (AMEX: ILE)

3/3/2004 - 11/7/2005

$0$2$4$6$8

$10$12$14

3/3/2004 3/31/2004 4/29/2004 5/27/2004 6/28/2004 7/27/2004 8/24/2004 9/22/2004 10/20/2004 11/17/2004 12/16/2004 1/14/2005 2/14/2005 3/15/2005 4/13/2005 5/11/2005 6/9/2005 7/8/2005 8/5/2005 9/2

VolumeClosing Price

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 72 of 218
Exhibit 3B

Isolagen

Common Stock Closing Price and Reported Trading Volume (AMEX: ILE)

Source: FactSet Research Systems, Inc.

Date Volume Closing Price Daily Return

1/2/2004 11,100 $5.49 -1.96%

1/5/2004 5,600 $5.46 -0.55%

1/6/2004 42,600 $5.70 4.40%

1/7/2004 21,200 $5.70 0.00%

1/8/2004 112,000 $5.60 -1.75%

1/9/2004 37,100 $5.40 -3.57%

1/12/2004 44,100 $5.52 2.22%

1/13/2004 20,200 $5.54 0.36%

1/14/2004 22,600 $5.60 1.08%

1/15/2004 9,600 $5.60 0.00%

1/16/2004 46,400 $5.64 0.71%

1/20/2004 35,200 $5.80 2.84%

1/21/2004 34,600 $5.98 3.10%

1/22/2004 75,700 $6.07 1.51%

1/23/2004 199,900 $6.25 2.97%

1/26/2004 139,100 $6.82 9.12%

1/27/2004 116,000 $7.41 8.65%

1/28/2004 100,400 $7.10 -4.18%

1/29/2004 53,000 $7.15 0.70%

1/30/2004 25,000 $6.95 -2.80%

2/2/2004 82,100 $7.00 0.72%

2/3/2004 94,200 $7.28 4.00%

2/4/2004 67,900 $7.20 -1.10%

2/5/2004 38,800 $7.20 0.00%

2/6/2004 17,500 $7.20 0.00%

2/9/2004 22,900 $7.10 -1.39%

2/10/2004 123,900 $7.45 4.93%

2/11/2004 109,000 $7.72 3.62%

2/12/2004 121,500 $7.70 -0.26%

2/13/2004 44,800 $7.62 -1.04%

2/17/2004 40,200 $7.40 -2.89%

2/18/2004 187,300 $7.40 0.00%

2/19/2004 96,400 $7.35 -0.68%

2/20/2004 39,000 $7.38 0.41%

2/23/2004 31,300 $7.17 -2.85%

2/24/2004 49,700 $7.15 -0.28%

2/25/2004 30,600 $7.30 2.10%

2/26/2004 21,000 $7.16 -1.92%

2/27/2004 47,900 $7.39 3.21%

3/1/2004 111,000 $7.55 2.17%

3/2/2004 192,300 $8.60 13.91%

3/3/2004 454,300 $8.85 2.91%

3/4/2004 141,000 $8.60 -2.82%

3/5/2004 395,100 $9.23 7.33%

3/8/2004 426,800 $9.97 8.02%

3/9/2004 60,400 $9.40 -5.72%

3/10/2004 51,900 $9.24 -1.70%

3/11/2004 46,100 $9.51 2.92%

3/12/2004 143,200 $10.00 5.15%

1 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 73 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

3/15/2004 81,900 $10.49 4.90%

3/16/2004 200,600 $10.00 -4.67%

3/17/2004 67,900 $9.99 -0.10%

3/18/2004 72,400 $9.89 -1.00%

3/19/2004 58,100 $10.20 3.13%

3/22/2004 76,200 $9.75 -4.41%

3/23/2004 138,300 $10.00 2.56%

3/24/2004 79,900 $9.80 -2.00%

3/25/2004 76,600 $9.99 1.94%

3/26/2004 68,300 $10.19 2.00%

3/29/2004 178,000 $11.00 7.95%

3/30/2004 313,300 $11.58 5.27%

3/31/2004 167,000 $11.79 1.81%

4/1/2004 130,600 $11.74 -0.42%

4/2/2004 191,400 $12.04 2.56%

4/5/2004 112,700 $11.87 -1.41%

4/6/2004 84,000 $11.20 -5.64%

4/7/2004 157,000 $11.51 2.77%

4/8/2004 78,100 $11.38 -1.13%

4/12/2004 44,300 $11.00 -3.34%

4/13/2004 168,400 $10.10 -8.18%

4/14/2004 134,000 $10.00 -0.99%

4/15/2004 101,100 $10.00 0.00%

4/16/2004 107,500 $9.82 -1.80%

4/19/2004 29,600 $9.99 1.73%

4/20/2004 33,600 $9.80 -1.90%

4/21/2004 86,700 $9.59 -2.14%

4/22/2004 120,500 $9.60 0.10%

4/23/2004 126,300 $9.50 -1.04%

4/26/2004 198,500 $9.00 -5.26%

4/27/2004 132,000 $8.75 -2.78%

4/28/2004 102,200 $8.99 2.74%

4/29/2004 133,000 $8.89 -1.11%

4/30/2004 66,500 $8.90 0.11%

5/3/2004 83,800 $8.70 -2.25%

5/4/2004 50,800 $8.84 1.61%

5/5/2004 75,000 $8.80 -0.45%

5/6/2004 39,800 $8.85 0.57%

5/7/2004 74,600 $8.80 -0.56%

5/10/2004 85,700 $8.90 1.14%

5/11/2004 41,400 $8.90 0.00%

5/12/2004 456,800 $8.62 -3.15%

5/13/2004 52,600 $8.44 -2.09%

5/14/2004 74,400 $8.62 2.13%

5/17/2004 47,200 $8.64 0.23%

5/18/2004 123,100 $8.70 0.69%

5/19/2004 64,900 $8.52 -2.07%

5/20/2004 79,600 $8.49 -0.35%

5/21/2004 38,800 $8.40 -1.06%

5/24/2004 70,800 $8.54 1.67%

5/25/2004 77,000 $8.56 0.23%

5/26/2004 49,000 $8.50 -0.70%

5/27/2004 31,000 $8.55 0.59%

2 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 74 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

5/28/2004 78,300 $8.82 3.16%

6/1/2004 180,400 $8.75 -0.79%

6/2/2004 30,500 $8.71 -0.46%

6/3/2004 25,400 $8.92 2.41%

6/4/2004 117,200 $8.71 -2.35%

6/7/2004 104,100 $9.35 7.35%

6/8/2004 108,800 $9.01 -3.64%

6/9/2004 220,500 $8.95 -0.67%

6/10/2004 1,930,900 $8.97 0.22%

6/14/2004 510,600 $9.10 1.45%

6/15/2004 398,300 $9.18 0.88%

6/16/2004 291,700 $8.98 -2.18%

6/17/2004 188,600 $9.25 3.01%

6/18/2004 213,700 $9.07 -1.95%

6/21/2004 756,700 $9.61 5.95%

6/22/2004 848,300 $10.60 10.30%

6/23/2004 644,000 $10.74 1.32%

6/24/2004 345,200 $10.54 -1.86%

6/25/2004 1,046,500 $10.35 -1.80%

6/28/2004 187,900 $10.34 -0.10%

6/29/2004 360,900 $10.30 -0.39%

6/30/2004 521,900 $10.28 -0.19%

7/1/2004 331,900 $10.10 -1.75%

7/2/2004 172,500 $10.15 0.50%

7/6/2004 251,500 $9.60 -5.42%

7/7/2004 287,400 $9.47 -1.35%

7/8/2004 230,200 $9.23 -2.53%

7/9/2004 232,200 $9.63 4.33%

7/12/2004 137,700 $9.60 -0.31%

7/13/2004 179,400 $9.75 1.56%

7/14/2004 180,800 $9.46 -2.97%

7/15/2004 91,900 $9.17 -3.07%

7/16/2004 136,200 $9.14 -0.33%

7/19/2004 297,300 $8.60 -5.91%

7/20/2004 260,800 $8.57 -0.35%

7/21/2004 147,600 $8.07 -5.83%

7/22/2004 152,800 $7.86 -2.60%

7/23/2004 152,100 $7.86 0.00%

7/26/2004 254,000 $7.45 -5.22%

7/27/2004 150,000 $7.63 2.42%

7/28/2004 169,100 $7.59 -0.52%

7/29/2004 80,500 $7.64 0.66%

7/30/2004 96,100 $7.99 4.58%

8/2/2004 70,100 $7.80 -2.38%

8/3/2004 76,900 $7.89 1.15%

8/4/2004 67,800 $7.82 -0.89%

8/5/2004 220,100 $7.15 -8.57%

8/6/2004 117,600 $7.35 2.80%

8/9/2004 124,800 $7.20 -2.04%

8/10/2004 125,700 $7.30 1.39%

8/11/2004 120,800 $7.25 -0.68%

8/12/2004 164,200 $7.09 -2.21%

8/13/2004 197,300 $7.39 4.23%

3 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 75 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

8/16/2004 120,500 $8.10 9.61%

8/17/2004 229,600 $8.13 0.37%

8/18/2004 96,400 $8.16 0.37%

8/19/2004 77,200 $8.00 -1.96%

8/20/2004 57,200 $8.09 1.13%

8/23/2004 64,000 $7.80 -3.58%

8/24/2004 29,800 $7.82 0.26%

8/25/2004 123,300 $8.19 4.73%

8/26/2004 87,400 $8.18 -0.12%

8/27/2004 41,700 $8.24 0.73%

8/30/2004 42,700 $8.08 -1.94%

8/31/2004 105,200 $8.40 3.96%

9/1/2004 260,100 $8.64 2.86%

9/2/2004 196,700 $8.73 1.04%

9/3/2004 110,600 $8.74 0.11%

9/7/2004 134,800 $8.72 -0.23%

9/8/2004 72,000 $8.59 -1.49%

9/9/2004 52,300 $8.51 -0.93%

9/10/2004 107,300 $8.67 1.88%

9/13/2004 99,400 $8.70 0.35%

9/14/2004 256,100 $8.85 1.72%

9/15/2004 142,500 $8.90 0.56%

9/16/2004 163,900 $9.20 3.37%

9/17/2004 210,900 $9.75 5.98%

9/20/2004 280,500 $10.11 3.69%

9/21/2004 222,500 $10.24 1.29%

9/22/2004 240,000 $10.19 -0.49%

9/23/2004 172,000 $10.22 0.29%

9/24/2004 183,500 $10.24 0.20%

9/27/2004 148,800 $9.70 -5.27%

9/28/2004 774,000 $9.00 -7.22%

9/29/2004 339,100 $8.99 -0.11%

9/30/2004 217,800 $9.45 5.12%

10/1/2004 329,600 $9.75 3.17%

10/4/2004 386,700 $9.50 -2.56%

10/5/2004 133,300 $9.28 -2.32%

10/6/2004 135,500 $9.14 -1.51%

10/7/2004 118,400 $9.14 0.00%

10/8/2004 45,100 $8.93 -2.30%

10/11/2004 90,500 $8.75 -2.02%

10/12/2004 64,300 $8.71 -0.46%

10/13/2004 77,000 $8.63 -0.92%

10/14/2004 90,300 $8.49 -1.62%

10/15/2004 143,900 $8.74 2.94%

10/18/2004 219,400 $8.70 -0.46%

10/19/2004 48,400 $8.62 -0.92%

10/20/2004 102,300 $8.69 0.81%

10/21/2004 208,500 $8.30 -4.49%

10/22/2004 130,100 $8.29 -0.12%

10/25/2004 907,900 $6.95 -16.16%

10/26/2004 231,600 $6.97 0.29%

10/27/2004 335,600 $6.74 -3.30%

10/28/2004 1,302,700 $6.66 -1.19%

4 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 76 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

10/29/2004 4,080,900 $6.81 2.25%

11/1/2004 622,900 $6.76 -0.73%

11/2/2004 1,963,500 $7.14 5.62%

11/3/2004 907,600 $7.12 -0.28%

11/4/2004 396,100 $6.85 -3.79%

11/5/2004 911,700 $7.02 2.48%

11/8/2004 503,500 $6.98 -0.57%

11/9/2004 745,900 $7.26 4.01%

11/10/2004 368,700 $7.33 0.96%

11/11/2004 270,500 $7.26 -0.95%

11/12/2004 606,200 $7.23 -0.41%

11/15/2004 261,700 $7.20 -0.41%

11/16/2004 873,100 $7.20 0.00%

11/17/2004 237,600 $7.25 0.69%

11/18/2004 675,200 $7.27 0.28%

11/19/2004 483,000 $7.30 0.41%

11/22/2004 249,300 $7.35 0.68%

11/23/2004 155,800 $7.44 1.22%

11/24/2004 142,600 $7.50 0.81%

11/26/2004 122,600 $7.40 -1.33%

11/29/2004 957,600 $7.51 1.49%

11/30/2004 703,200 $7.59 1.07%

12/1/2004 713,600 $7.89 3.95%

12/2/2004 270,600 $7.96 0.89%

12/3/2004 347,900 $7.88 -1.01%

12/6/2004 96,200 $7.74 -1.78%

12/7/2004 152,500 $7.70 -0.52%

12/8/2004 177,800 $7.76 0.78%

12/9/2004 237,000 $7.96 2.58%

12/10/2004 209,500 $7.85 -1.38%

12/13/2004 137,500 $7.81 -0.51%

12/14/2004 146,000 $7.97 2.05%

12/15/2004 204,400 $7.83 -1.76%

12/16/2004 193,900 $7.60 -2.94%

12/17/2004 141,800 $7.87 3.55%

12/20/2004 107,700 $7.89 0.25%

12/21/2004 55,900 $7.83 -0.76%

12/22/2004 537,000 $7.77 -0.77%

12/23/2004 109,100 $7.76 -0.13%

12/27/2004 84,600 $7.61 -1.93%

12/28/2004 119,700 $7.65 0.53%

12/29/2004 104,800 $7.62 -0.39%

12/30/2004 169,700 $7.70 1.05%

12/31/2004 161,900 $7.87 2.21%

1/3/2005 204,200 $7.60 -3.43%

1/4/2005 220,500 $7.59 -0.13%

1/5/2005 119,800 $7.38 -2.77%

1/6/2005 278,100 $7.28 -1.36%

1/7/2005 95,900 $7.20 -1.10%

1/10/2005 258,600 $7.49 4.03%

1/11/2005 292,200 $7.42 -0.93%

1/12/2005 139,500 $7.48 0.81%

1/13/2005 104,000 $7.32 -2.14%

5 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 77 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

1/14/2005 156,200 $7.38 0.82%

1/18/2005 89,300 $7.37 -0.14%

1/19/2005 126,400 $7.19 -2.44%

1/20/2005 422,700 $7.30 1.53%

1/21/2005 99,700 $7.20 -1.37%

1/24/2005 50,100 $7.15 -0.69%

1/25/2005 640,700 $7.13 -0.28%

1/26/2005 218,100 $7.10 -0.42%

1/27/2005 113,700 $7.14 0.56%

1/28/2005 148,900 $7.00 -1.96%

1/31/2005 181,200 $6.81 -2.71%

2/1/2005 205,300 $6.84 0.44%

2/2/2005 172,600 $6.89 0.73%

2/3/2005 302,100 $7.05 2.32%

2/4/2005 183,000 $7.27 3.12%

2/7/2005 143,400 $7.19 -1.10%

2/8/2005 299,000 $7.00 -2.64%

2/9/2005 230,400 $6.94 -0.86%

2/10/2005 158,600 $6.83 -1.59%

2/11/2005 283,400 $6.87 0.59%

2/14/2005 112,700 $6.70 -2.47%

2/15/2005 155,700 $6.69 -0.15%

2/16/2005 214,900 $6.81 1.79%

2/17/2005 200,600 $7.11 4.41%

2/18/2005 639,600 $7.73 8.72%

2/22/2005 578,300 $8.01 3.62%

2/23/2005 224,000 $8.05 0.50%

2/24/2005 98,800 $7.90 -1.86%

2/25/2005 109,600 $7.73 -2.15%

2/28/2005 92,700 $7.51 -2.85%

3/1/2005 153,900 $7.56 0.67%

3/2/2005 51,500 $7.53 -0.40%

3/3/2005 162,100 $7.67 1.86%

3/4/2005 78,900 $7.67 0.00%

3/7/2005 91,500 $7.53 -1.83%

3/8/2005 130,100 $7.35 -2.39%

3/9/2005 147,200 $7.06 -3.95%

3/10/2005 247,300 $7.05 -0.14%

3/11/2005 400,800 $7.24 2.70%

3/14/2005 118,400 $7.33 1.24%

3/15/2005 107,800 $7.15 -2.46%

3/16/2005 120,200 $7.13 -0.28%

3/17/2005 90,300 $6.93 -2.81%

3/18/2005 152,700 $6.89 -0.58%

3/21/2005 142,000 $6.88 -0.15%

3/22/2005 52,700 $6.84 -0.58%

3/23/2005 122,100 $6.80 -0.58%

3/24/2005 192,400 $6.72 -1.18%

3/28/2005 225,200 $6.49 -3.42%

3/29/2005 427,000 $6.31 -2.77%

3/30/2005 158,000 $6.26 -0.79%

3/31/2005 350,500 $6.29 0.48%

4/1/2005 223,900 $6.48 3.02%

6 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 78 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

4/4/2005 236,900 $6.32 -2.47%

4/5/2005 291,500 $6.23 -1.42%

4/6/2005 151,600 $6.28 0.80%

4/7/2005 138,100 $6.37 1.43%

4/8/2005 140,900 $6.45 1.26%

4/11/2005 211,200 $6.50 0.78%

4/12/2005 209,100 $6.39 -1.69%

4/13/2005 58,500 $6.09 -4.69%

4/14/2005 255,700 $5.81 -4.60%

4/15/2005 287,100 $5.26 -9.47%

4/18/2005 265,200 $5.08 -3.42%

4/19/2005 255,600 $5.15 1.38%

4/20/2005 267,800 $5.46 6.02%

4/21/2005 218,500 $5.60 2.56%

4/22/2005 403,200 $5.88 5.00%

4/25/2005 2,528,900 $4.41 -25.00%

4/26/2005 625,500 $4.55 3.17%

4/27/2005 313,800 $4.55 0.00%

4/28/2005 336,200 $4.70 3.30%

4/29/2005 280,500 $4.85 3.19%

5/2/2005 277,500 $4.59 -5.36%

5/3/2005 435,800 $4.45 -3.05%

5/4/2005 240,200 $4.65 4.49%

5/5/2005 129,700 $4.61 -0.86%

5/6/2005 151,600 $4.46 -3.25%

5/9/2005 157,200 $4.50 0.90%

5/10/2005 126,200 $4.40 -2.22%

5/11/2005 502,400 $4.10 -6.82%

5/12/2005 271,300 $3.97 -3.17%

5/13/2005 420,800 $3.80 -4.28%

5/16/2005 153,300 $4.03 6.05%

5/17/2005 422,900 $3.77 -6.45%

5/18/2005 141,700 $3.80 0.80%

5/19/2005 165,900 $3.74 -1.58%

5/20/2005 385,600 $3.81 1.87%

5/23/2005 426,000 $4.03 5.77%

5/24/2005 293,400 $3.90 -3.23%

5/25/2005 787,800 $3.70 -5.13%

5/26/2005 249,400 $3.84 3.78%

5/27/2005 252,100 $4.04 5.21%

5/31/2005 276,400 $4.07 0.74%

6/1/2005 385,400 $3.86 -5.16%

6/2/2005 390,700 $3.73 -3.37%

6/3/2005 271,600 $3.61 -3.22%

6/6/2005 224,600 $3.63 0.55%

6/7/2005 182,800 $3.57 -1.65%

6/8/2005 332,900 $3.45 -3.36%

6/9/2005 171,700 $3.57 3.48%

6/10/2005 206,100 $3.35 -6.16%

6/13/2005 182,300 $3.40 1.49%

6/14/2005 132,300 $3.40 0.00%

6/15/2005 286,500 $3.58 5.29%

6/16/2005 460,400 $3.86 7.82%

7 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 79 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

6/17/2005 779,100 $4.09 5.96%

6/20/2005 369,900 $4.05 -0.98%

6/21/2005 378,100 $3.90 -3.70%

6/22/2005 386,600 $3.93 0.77%

6/23/2005 582,700 $4.07 3.56%

6/24/2005 1,443,700 $4.28 5.16%

6/27/2005 341,000 $4.19 -2.10%

6/28/2005 252,600 $4.20 0.24%

6/29/2005 444,700 $4.34 3.33%

6/30/2005 342,100 $4.10 -5.53%

7/1/2005 273,700 $4.09 -0.24%

7/5/2005 32,900 $4.16 1.71%

7/6/2005 123,000 $4.15 -0.24%

7/7/2005 213,700 $4.23 1.93%

7/8/2005 209,800 $4.32 2.13%

7/11/2005 342,700 $4.43 2.55%

7/12/2005 383,500 $4.70 6.09%

7/13/2005 330,000 $4.81 2.34%

7/14/2005 255,600 $4.64 -3.53%

7/15/2005 164,200 $4.65 0.22%

7/18/2005 228,900 $4.85 4.30%

7/19/2005 156,500 $4.84 -0.21%

7/20/2005 171,900 $4.94 2.07%

7/21/2005 455,800 $5.00 1.21%

7/22/2005 584,500 $5.15 3.00%

7/25/2005 262,000 $5.22 1.36%

7/26/2005 299,000 $5.20 -0.38%

7/27/2005 461,500 $5.00 -3.85%

7/28/2005 235,300 $5.20 4.00%

7/29/2005 433,700 $5.59 7.50%

8/1/2005 5,529,500 $2.84 -49.19%

8/2/2005 1,218,800 $2.79 -1.76%

8/3/2005 782,300 $2.85 2.15%

8/4/2005 488,000 $2.87 0.70%

8/5/2005 801,800 $2.98 3.83%

8/8/2005 451,700 $2.95 -1.01%

8/9/2005 834,400 $2.66 -9.83%

8/10/2005 1,654,500 $2.50 -6.02%

8/11/2005 416,100 $2.39 -4.40%

8/12/2005 407,000 $2.28 -4.60%

8/15/2005 387,100 $2.24 -1.75%

8/16/2005 277,400 $2.39 6.70%

8/17/2005 177,400 $2.39 0.00%

8/18/2005 224,900 $2.29 -4.18%

8/19/2005 298,100 $2.12 -7.42%

8/22/2005 368,100 $2.10 -0.94%

8/23/2005 159,400 $2.03 -3.33%

8/24/2005 298,600 $2.24 10.34%

8/25/2005 168,200 $2.11 -5.80%

8/26/2005 94,300 $2.20 4.27%

8/29/2005 188,900 $2.20 0.00%

8/30/2005 408,700 $2.31 5.00%

8/31/2005 113,700 $2.38 3.03%

8 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 80 of 218
Exhibit 3B

Date Volume Closing Price Daily Return

9/1/2005 156,800 $2.45 2.94%

9/2/2005 48,700 $2.43 -0.82%

9/6/2005 155,600 $2.45 0.82%

9/7/2005 225,900 $2.41 -1.63%

9/8/2005 122,200 $2.39 -0.83%

9/9/2005 89,400 $2.35 -1.67%

9/12/2005 189,700 $2.43 3.40%

9/13/2005 118,100 $2.24 -7.82%

9/14/2005 366,100 $2.24 0.00%

9/15/2005 126,600 $2.15 -4.02%

9/16/2005 520,000 $2.07 -3.72%

9/19/2005 212,200 $1.92 -7.25%

9/20/2005 250,700 $1.85 -3.65%

9/21/2005 919,300 $1.57 -15.14%

9/22/2005 196,800 $1.68 7.01%

9/23/2005 165,200 $1.66 -1.19%

9/26/2005 452,700 $1.49 -10.24%

9/27/2005 359,300 $1.52 2.01%

9/28/2005 340,600 $1.69 11.18%

9/29/2005 184,100 $1.57 -7.10%

9/30/2005 176,000 $1.65 5.10%

10/3/2005 260,700 $1.68 1.82%

10/4/2005 245,000 $1.73 2.98%

10/5/2005 143,800 $1.65 -4.62%

10/6/2005 350,400 $1.71 3.64%

10/7/2005 74,000 $1.67 -2.34%

10/10/2005 103,200 $1.60 -4.19%

10/11/2005 175,600 $1.55 -3.13%

10/12/2005 84,300 $1.53 -1.29%

10/13/2005 99,700 $1.46 -4.58%

10/14/2005 80,600 $1.49 2.05%

10/17/2005 63,800 $1.48 -0.67%

10/18/2005 94,500 $1.45 -2.03%

10/19/2005 181,300 $1.45 0.00%

10/20/2005 77,700 $1.44 -0.69%

10/21/2005 56,600 $1.44 0.00%

10/24/2005 101,100 $1.40 -2.78%

10/25/2005 115,000 $1.33 -5.00%

10/26/2005 535,200 $1.20 -9.77%

10/27/2005 251,700 $1.15 -4.17%

10/28/2005 1,248,200 $1.12 -2.61%

10/31/2005 538,400 $1.25 11.61%

11/1/2005 99,100 $1.22 -2.40%

11/2/2005 105,400 $1.18 -3.28%

11/3/2005 171,000 $1.24 5.08%

11/4/2005 102,000 $1.21 -2.42%

11/7/2005 199,400 $1.24 2.48%

9 of 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 81 of 218
Exhibit 4

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 82 of 218
Exhibit 4 

Date1

Weekly

Volume2

Dollar Value

of Trades3

Volume as % 

of Shares

Outstanding

3/5/2004 990,400 $8,879,928 3.71% Share Turnover

3/12/2004 728,400 $7,172,923 2.73% Time Period (years) 1.435

3/19/2004 480,900 $4,852,108 1.80%

3/26/2004 439,300 $4,370,181 1.64% 30,260,289

4/2/2004 980,300 $11,392,644 3.66% Total Volume in Class Period 103,245,000

4/8/2004 431,800 $4,974,397 1.61% Annualized Share Turnover 238%

4/16/2004 555,300 $5,594,790 2.07%

4/23/2004 396,700 $3,813,087 1.48%

4/30/2004 632,200 $5,634,498 2.36%

5/7/2004 324,000 $2,846,842 1.21%

5/14/2004 710,900 $6,154,078 2.65% 3/24/2003 15,389,563

5/21/2004 353,600 $3,033,450 1.32% 5/14/2003 15,310,181

5/28/2004 306,100 $2,635,908 1.14% 8/7/2003 15,916,769

6/4/2004 353,500 $3,091,535 1.32% 11/13/2003 26,672,192

6/10/2004 2,364,300 $21,247,271 8.82% 3/24/2004 26,768,893

6/18/2004 1,602,900 $14,605,129 5.98% 4/26/2004 26,768,718

6/25/2004 3,640,700 $37,650,110 13.58% 5/12/2004 26,808,111

7/2/2004 1,575,100 $16,128,353 5.88% 8/9/2004 34,049,816

7/9/2004 1,001,300 $9,496,910 3.74% 11/8/2004 30,174,801

7/16/2004 726,000 $6,869,029 2.71% 3/14/2005 30,219,899

7/23/2004 1,010,600 $8,379,482 3.77% 4/26/2005 30,247,684

7/30/2004 749,700 $5,703,128 2.80% 8/4/2005 30,260,289

8/6/2004 552,500 $4,121,792 2.06% 11/6/2005 30,260,289

8/13/2004 732,800 $5,314,195 2.15% 3/9/2006 34,389,133

8/20/2004 580,900 $4,709,670 1.71% 4/26/2006 30,302,050

8/27/2004 346,200 $2,800,603 1.02% 5/6/2006 30,302,050

9/3/2004 715,300 $6,159,795 2.10% 8/1/2006 30,362,733

9/10/2004 366,400 $3,169,300 1.08% 11/1/2006 30,377,733

9/17/2004 872,800 $7,963,670 2.56%

9/24/2004 1,098,500 $11,196,735 3.23%

10/1/2004 1,809,300 $16,729,679 5.31%

10/8/2004 819,000 $7,634,063 2.41%

10/15/2004 466,000 $4,040,771 1.37%

10/22/2004 708,700 $6,024,054 2.08%

10/29/2004 6,858,700 $46,653,012 20.14%

11/5/2004 4,801,800 $33,805,725 14.10%

11/12/2004 2,494,800 $17,978,891 8.27%

11/19/2004 2,530,600 $18,327,764 8.39%

11/26/2004 670,300 $4,968,247 2.22%

12/3/2004 2,992,900 $23,054,596 9.92%

12/10/2004 873,000 $6,829,661 2.89%

12/17/2004 823,600 $6,427,553 2.73%

12/23/2004 809,700 $6,306,556 2.68%

12/31/2004 640,700 $4,938,930 2.12%

1/7/2005 918,500 $6,824,687 3.04%

1/14/2005 950,500 $7,062,534 3.15%

1/21/2005 738,100 $5,370,507 2.45%

1/28/2005 1,171,500 $8,329,034 3.88%

Shares Outstanding4

Volume Analysis

Isolagen (ILE)

Shares Outstanding at the End 

of Class Period

1 of 2

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 83 of 218
Exhibit 4 

Date1

Weekly

Volume2

Dollar Value

of Trades3

Volume as % 

of Shares

Outstanding

2/4/2005 1,044,200 $7,287,653 3.46%

2/11/2005 1,114,800 $7,753,218 3.69%

2/18/2005 1,323,500 $9,630,566 4.39%

2/25/2005 1,010,700 $8,063,111 3.35%

3/4/2005 539,100 $4,095,926 1.79%

3/11/2005 1,016,900 $7,329,719 3.37%

3/18/2005 589,400 $4,173,550 1.95%

3/24/2005 509,200 $3,460,636 1.68%

4/1/2005 1,384,600 $8,800,515 4.58%

4/8/2005 959,000 $6,053,803 3.17%

4/15/2005 1,021,600 $6,060,977 3.38%

4/22/2005 1,410,300 $7,720,160 4.67%

4/29/2005 4,084,900 $18,366,829 13.50%

5/6/2005 1,234,800 $5,604,018 4.08%

5/13/2005 1,477,900 $5,998,621 4.89%

5/20/2005 1,269,400 $4,840,194 4.20%

5/27/2005 2,008,700 $7,752,080 6.64%

6/3/2005 1,324,100 $5,050,379 4.38%

6/10/2005 1,118,100 $3,919,803 3.70%

6/17/2005 1,840,600 $7,058,973 6.09%

6/24/2005 3,161,000 $13,042,648 10.45%

7/1/2005 1,654,100 $6,941,751 5.47%

7/8/2005 579,400 $2,457,601 1.92%

7/15/2005 1,476,000 $6,857,425 4.88%

7/22/2005 1,597,600 $8,005,986 5.28%

7/29/2005 1,691,500 $8,877,883 5.59%

8/5/2005 8,820,400 $25,123,711 29.15%

8/12/2005 3,763,700 $9,610,708 12.44%

Average 1,364,439 $9,090,752 4.53%

Minimum 306,100 $2,457,601 1.02%

Maximum 8,820,400 $46,653,012 29.15%

Total 100,968,500 $672,715,613

3

 Dollar Value of Trades = Daily Reported Volume * Daily Closing Price

4

 Source: Isolagen SEC Filings

1

 Weeks fully contained within the Class Period are used to calculate total, average, minimum, and 

maximum weekly volume; thus, the first and last weeks above are not included in these calculations.

2

 Source: Factset Research Systems, Inc.

2 of 2

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 84 of 218
Exhibit 5

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 85 of 218
Exhibit 5 

Isolagen

List of Analyst Reports

Source: Reuters, Investext, Counsel

Date Analyst Title

5/2/2004 JM Dutton & Associates ISOLAGEN, INC.6/18/2004 CIBC World Markets ILE: ERRATUM: The Face You Save May Be Your Own -- Initiating W6/21/2004 Adams Harkness, Inc. ILE: Initiating coverage of Underfollowed story in attractive growth mar6/21/2004 CIBC World Markets CIBC Early Edition Morning Research Summary 6/21/2004 Legg Mason Wood Walker Initiating Coverage with Buy/High Risk Ratings 6/22/2004 CIBC World Markets Changes In SRS Focus List 6/23/2004 CIBC World Markets CIBC WM Early Edition Morning Research Summary 7/1/2004 Adams Harkness, Inc. ILE: Q3 Best Pick 7/6/2004 Adams Harkness, Inc. ISOLAGEN, INC. - INITIATING COVERAGE7/6/2004 Legg Mason Wood Walker ISOLAGEN, INC.7/7/2004 CIBC World Markets ILE: Channel Checks Suggest Second Quarter in Good Shape 7/9/2004 Adams Harkness, Inc. New Paradigm in Facial Aesthetics 7/9/2004 Legg Mason Wood Walker Isolagen, Inc. 7/21/2004 Adams Harkness, Inc. ILE: Begins Pivotal Ph. III; Expect a Strong 2Q 7/21/2004 Legg Mason Wood Walker Phase III Trials Commenced 8/12/2004 CIBC World Markets ILE: 2Q04 Solid Sequential Growth; U.S. Clinical Trials On Track 8/13/2004 Adams Harkness, Inc. ILE: Strong 2Q, Visibility Looks Good 8/13/2004 CIBC World Markets ISOLAGEN, INC.8/13/2004 Legg Mason Wood Walker Reports 2Q04 Results; Reiterate Buy Rating 8/16/2004 CIBC World Markets ILE: Visit To London Manufacturing Facility 9/7/2004 Legg Mason Wood Walker Hires New President and CEO 9/15/2004 Adams Harkness, Inc. ILE: New CEO Furthers Confidence 9/15/2004 CIBC World Markets ILE: Announces Hiring of New President, Formerly With Dermik 9/16/2004 CIBC World Markets CIBC WM Early Edition Morning Research Summary 9/22/2004 CIBC World Markets ILE: Highlights of Call With Plastic Surgeon Peter Ashby, MD 10/21/2004 Legg Mason Wood Walker Morning Research Summary - Oct 21 2004 8:00AM10/21/2004 Legg Mason Wood Walker Updates Commericalization Plan; Maintain Buy Rating 10/25/2004 Adams Harkness, Inc. ILE: Pushback in US Timeline, Shifting to Buy 10/29/2004 Legg Mason Wood Walker Convert Terms Revealed; Maintaining Buy Rating But Reducing Price 11/9/2004 Adams Harkness, Inc. ILE: Top-line out11/9/2004 CIBC World Markets ILE: 3Q Revenue Exceeds Expectations on Strong European Demand 11/9/2004 Legg Mason Wood Walker Morning Research Summary - Nov 9 2004 7:43AM

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 86 of 218
Exhibit 5 

Date Analyst Title

11/9/2004 Legg Mason Wood Walker Reports 3Q04 Earnings; UK Uptake Remains Strong 11/24/2004 CIBC World Markets ILE: Adding Capacity and Comfortable with Our 2005 Rev. Estimate 12/23/2004 CIBC World Markets FAS 123R Dilution Impact on Medical Device Companies 1/4/2005 CIBC World Markets Scarcity of Value and Slowing Cardiovascular Growth Keep Us Market 1/5/2005 CIBC World Markets CIBCWM Early Edition Morning Research Summary 1/13/2005 Adams Harkness, Inc. ILE: 4Q Update; Reiterate Buy 2/15/2005 CIBC World Markets ILE: Abstract for AAD Shows Positive Outcome for ILE in Treating Acn2/15/2005 CIBC World Markets ILE: Skepticism Continues...But 4Q'04 is Once Again Expected To Me2/16/2005 CIBC World Markets CIBCWM Early Edition Morning Research Summary 2/18/2005 CIBC World Markets ILE: Isolagen Process Benefit Sustained at 12 Months 2/18/2005 Legg Mason Wood Walker Isolagen (ILE) Presents Positive 12-month Data From Previous Phase 2/22/2005 Adams Harkness, Inc. ILE: Update from the AAD; Reiterate Buy 3/11/2005 CIBC World Markets ILE: ILE Expects FDA Approval in 2006, Not 2008 3/11/2005 UBS Equities Isolagen Inc. "Initiating Coverage With Neutral 2 Rating" (Neutral 2) Pa3/11/2005 UBS Equities U.S. Morning Meeting Highlights 11-Mar-053/15/2005 UBS Equities Isolagen Inc. "Isolagen Reports 2004 Results" (Neutral 2) Pace 3/16/2005 Adams Harkness, Inc. ILE: 4Q Revenue Upside, Building for 2006; Reiterate Buy 3/16/2005 CIBC World Markets ILE: Reports Upside Revenue for 4Q04 3/16/2005 Legg Mason Wood Walker Reports Solid 4Q04 Results; Execution Over the Next 12 Months Is Cr3/16/2005 UBS Equities Global Daily Dose 16-Mar-05 Bourdot3/16/2005 UBS Equities U.S. Morning Meeting Highlights 16-March-054/6/2005 Legg Mason Wood Walker Isolagen Acquires European Cell Processing Facility 4/21/2005 UBS Equities Advanced Medical Devices "First Quarter 2005 Results Preview" Pace 4/21/2005 UBS Equities U.S. Morning Meeting Highlights 21-Apr-054/22/2005 UBS Equities Isolagen Inc. "Upgrading to Buy 2 from Neutral 2" (Buy 2) Pace 4/22/2005 UBS Equities UBS U.S. Small & Mid Cap Spotlight 22 April 2005 4/22/2005 UBS Equities US Morning Research Notes 22-Apr-054/25/2005 CIBC World Markets ILE: Bob Bitterman Resigns As CEO; Still Believes in Technology 4/25/2005 Legg Mason Wood Walker Robert Bitterman Resigns from Isolagen; Maintaining Buy Rating 4/25/2005 UBS Equities First Read: Isolagen Inc. "Isolagen CEO Resigns" (Buy 2) Pace 4/26/2005 Adams Harkness, Inc. ILE: Unexpected CEO Departure; Fundamentals Still Intact 4/26/2005 UBS Equities Global Daily Dose 26-Apr-05 Kiley5/3/2005 Legg Mason Wood Walker Personnel Update; Officially Lowers Revenue Guidance 5/11/2005 Adams Harkness, Inc. ILE: Patience Wearing Thin; Moving to MP 5/11/2005 CIBC World Markets ILE: Revenues Exceed Expectations on Strength in European Procedu5/11/2005 Legg Mason Wood Walker In-Line 1Q05 Results; ACE Unveiling Upcoming

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 87 of 218
Exhibit 5 

Date Analyst Title

5/24/2005 Legg Mason Wood Walker ACE Unveiled; Maintain Buy Rating 5/31/2005 UBS Equities Isolagen Inc. "Reinstating Coverage with Buy 2 Rating" (Buy 2) Pace 6/1/2005 UBS Equities Global Daily Dose 01-Jun-20056/2/2005 UBS Equities U.S. Small & Mid Cap Spotlight 03 June 2005 6/30/2005 UBS Equities First Read: Isolagen Inc. "Phase II Dental Data Released" (Buy 2) Pac7/13/2005 CIBC World Markets ILE: Dental Study Shows Potential For New Indications of Autologous 7/13/2005 UBS Equities First Read: Isolagen Inc. "Conclusions from Dental Conference Call" (B7/21/2005 UBS Equities Advanced Medical Devices "Second Quarter 2005 Results Preview" P7/21/2005 UBS Equities U.S. Morning Meeting Highlights 22-July-057/21/2005 UBS Equities US Morning Research Notes 22-Jul-057/22/2005 UBS Equities Global Daily Dose 22-Jul-05 Kiley8/1/2005 Adams Harkness, Inc. ILE: Phase III Data Mixed, New Trial Planned; Reiterate MP 8/1/2005 CIBC World Markets CIBCWM Final Edition Morning Research Summary 8/1/2005 CIBC World Markets ILE: Downgrading to Sector Performer, Given No News on U.S. Pivota8/1/2005 CIBC World Markets ILE: Reports Preliminary Results of Phase III Dermal Trial; Lowering E8/1/2005 Legg Mason Wood Walker Mixed Phase III Trial Results; Maintain Buy Rating 8/1/2005 UBS Equities First Read: Isolagen Inc. "Dermal Headline Data Released" (Buy 2) Pa8/1/2005 UBS Equities Isolagen Inc. "Downgrading to Neutral 2" (Neutral 2) Pace 8/2/2005 UBS Equities Global Daily Dose 02-Aug-20058/9/2005 CIBC World Markets ILE: Net Loss Exceeds Our Estimates; Revenue Guidance Lowered 8/9/2005 CIBC World Markets ISOLAGEN, INC.8/9/2005 UBS Equities Isolagen Inc. "2Q05 Results Review" (Neutral 2) Pace 8/9/2005 UBS Equities U.S. Morning Meeting Highlights 10-Aug-058/9/2005 UBS Equities US Morning Research Notes 10-Aug-058/10/2005 Adams Harkness, Inc. ILE: Soft 2Q Results; No Change to Market Perform Thesis 8/10/2005 Legg Mason Wood Walker Reports 2Q Results; Maintain Buy Rating 8/10/2005 UBS Equities Global Daily Dose 10-Aug-2005 Kiley

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 88 of 218
Exhibit 6

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 89 of 218
Exhibit 6 

Source: Bloombeg, L.P.

Date Short Interest

2/13/2004 173,945 0.65%

3/15/2004 274,933 1.03%

4/15/2004 312,221 1.17%

5/14/2004 357,733 1.33%

6/15/2004 576,301 2.15%

7/15/2004 1,117,779 4.17%

8/13/2004 1,408,960 4.14%

9/15/2004 1,369,033 4.02%

10/15/2004 1,436,755 4.22%

11/15/2004 2,649,120 8.78%

12/15/2004 3,313,227 10.98%

1/14/2005 3,206,040 10.62%

2/15/2005 3,417,965 11.33%

3/15/2005 3,431,857 11.36%

4/15/2005 3,031,469 10.03%

5/13/2005 2,905,563 9.61%

6/15/2005 2,892,735 9.56%

7/15/2005 2,551,249 8.43%

8/15/2005 2,852,220 9.43%

Short Interest

Isolagen (ILE)

% of Shares 

Outstanding

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 90 of 218
Exhibit 7

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 91 of 218
Exhibit 7

Isolagen (ILE)

Source: FactSet Research Services, Inc.

Number of Institutions with Holdings 5 25 56 56 58 5

Total Holdings of Reporting Institutions 2,093,298 3,671,184 11,662,493 12,707,765 12,308,478 13,430,473 

Total Holdings as % of Shares Outstanding 7.85% 13.71% 43.50% 37.32% 40.79% 44.44% Holder Name 12/31/2003 3/31/2004 6/30/2004 9/30/2004 12/31/2004 3/31/200Accipiter Capital Management LLC 0 45,000 45,000 0 0 AIG Global Investment Group 0 0 10,636 12,050 12,983 13,71

Alexandra Investment Management LLC 0 0000AllianceBernstein LP 0 0 0 12,300 12,300 12,30Apex Capital LLC 0 0 700,000 750,000 770,000 771,00

Atalanta Sosnoff Management Corp. 0 0 0 79,600 18,100 88,10

Avalon Advisors LP 0 0 10,100 10,830 12,030 12,03

AXA Framlington Investment Management Ltd. 0 0 0 0 100,000 100,00

Bank of New York Mellon Asset Management 0 100 3,800 4,000 3,900 2,50

Barclays Global Investors NA (CA) 0 0 540,717 967,789 957,093 549,64

Basso Capital Management LP 0 0000

Bear, Stearns & Co., Inc. 0 0 0 561 421 25Blackthorn Investment Group LLC 0 10,500 0 0 0 

Boston Private Value Investors, Inc. 60,345 60,345 60,345 60,345 60,345 60,34Brazos Capital Management 0 0 175,000 282,800 685,600 460,10

Brencourt Advisors LLC 0 0000California State Teachers Retirement System 0 0 62,525 69,425 69,425 

CastleRock Management LLC 0 0 0 0 287,600 305,33

Chartwell Investment Partners LP 0 0 660,700 538,265 0 

Citadel Investment Group LLC 0 106,100 000

Citigroup Investment Research 0 129,050 451,735 460,745 11,000 

Citizens Bank Wealth Management, N.A. 0 0000Columbia Management Advisors, Inc. 0 0 1,014,010 317,800 322,400 318,80Cortina Asset Management LLC 0 0000 29,02

Credit Suisse (US) 0 18,167 0 0 25,546 

Curian Capital LLC 0 0000

D. E. Shaw & Co., Inc. 0 0000 171,10

Delaware Investment Advisers 0 0 779,000 918,600 1,033,300 1,223,60

Deutsche Asset Management 0 0 0 0 10,700 10,70

Deutsche Bank Investment Management, Inc. 0 34,600 21,100 12,943 40,898 2,50

Deutsche Bank Securities, Inc. 0 14,703 0 1,000 1,051 1,30

Institutional Holdings of Isolagen Common Stock

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 92 of 218
Exhibit 7

Holder Name 12/31/2003 3/31/2004 6/30/2004 9/30/2004 12/31/2004 3/31/200Dimensional Fund Advisors, Inc. 54,000 116,100 269,800 450,300 511,100 514,90DKR Capital Partners LP 0 0 150,000 0 1,178,000 2,178,00

Eaton Vance Management, Inc. 0 0 300,000 300,000 0 

Edge Asset Management, Inc. 0 0000 137,50

FAF Advisors 879,853 884,213 700,383 833,333 4,320 4,30

First American Bank Asset Management 0 0000

Fortress Investment Group (Hedge Funds) 0 0000Franklin Portfolio Associates 0 0 0 3,100 0 

Gilder, Gagnon, Howe & Co. LLC 0 0 4,220 0 0 Global Index Advisors, Inc. 0 0 0 1,102 1,102 1,83Goldman Sachs & Co. 0 0000 12,12Goldman Sachs Asset Management LP (US) 0 0 30,000 30,000 30,000 30,00

Gruber & McBaine Capital Management LLC 0 100,900 265,900 405,000 543,000 636,70Gutzwiller Fonds Management AG 0 0 0 0 20,000 20,00

Heartland Advisors, Inc. 1,074,100 1,100,000 1,250,000 1,254,500 1,254,500 1,254,50Hellman, Jordan Management Co., Inc. 0 0 100,000 0 0 

Highbridge Capital Management LLC 0 0000

Intrepid Capital Management, Inc. 0 0000

Ironwood Investment Management LLC 0 21,010 35,235 48,960 58,660 62,23Jefferies & Co., Inc. (CA) 0 0 0 0 51,800 54,30

JPMorgan Chase Bank NA 0 3,250 0 0 0 

JPMorgan Securities, Inc. 0 14,394 0 0 0 Jupiter Asset Management Ltd. (UK) 0 0000

KCM Investment Advisors 25,000 0 0 0 0 

Legg Mason Investment Counsel LLC 0 0 300 2,060 2,060 2,06

Lehman Brothers Asset Management LLC 0 0 14,426 0 0 121,90

Martingale Asset Management LP 0 0000 62,40

Medical Strategy GmbH 0 0000

Meisenbach Capital Management, Inc. 0 0 0 240,800 520,800 476,16

Mellon Capital Management 0 0 12,000 42,400 38,613 38,61

Merrill Lynch, Pierce, Fenner & Smith, Inc. 0 0 3,650 7,501 4,325 4,32Metropolitan Life Insurance Co. 0 0 12,473 11,900 12,614 

Morgan Stanley & Co., Inc. 0 35,200 33,643 11,169 0 14,44Morgan Stanley Investment Management, Inc. 0 0 1,450 1,450 0 

Munder Capital Management 0 0 0 2,560 2,560 

Murphy Capital Management, Inc. 0 0 3,500 0 0 New York Life Investment Management LLC 0 0 0 6,002 26,504 Northern Trust Investments 0 0 90,402 101,802 117,602 102,88

Ohio Public Employees Retirement System 0 0 36,573 36,573 37,920 36,16

OppenheimerFunds, Inc. 0 0 226,000 226,000 0 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 93 of 218
Exhibit 7

Holder Name 12/31/2003 3/31/2004 6/30/2004 9/30/2004 12/31/2004 3/31/200Origin Capital Management LLC 0 0 97,000 00PADCO Advisors, Inc. (Rydex Global) 0 0 4,700 0 0 

Perceptive Advisors LLC 0 62,900 497,500 1,278,790 0 462,40

Peregrine Capital Management, Inc. 0 0 801,800 394,000 1,040,900 916,00

Piper Jaffray, Inc. 0 0000

Presidio Geary Management LLC 0 417,400 220,000 207,900 120,000 120,00

Putnam Investment Management, Inc. 0 210,850 200,650 201,950 170,000 

Rafferty Asset Management LLC 0 0000

RBC Asset Management, Inc. 0 0 0 0 0 

RBC Dominion Securities, Inc. 0 0 0 0 2,086 

Renaissance Technologies Corp. 0 0000

Ritchie Capital Management LLC 0 0 0 0 280,200 305,10

RiverSource Investments LLC 0 0 9,100 9,600 13,100 

RockView Management LLC 0 4,051 0 0 0 Roxbury Capital Management LLC 0 0 258,260 318,064 0 

Russell Investment Group 0 0 118,445 119,980 0 

S.A.C. Capital Advisors 0 0 0 0 12,490 35,90

Salient Partners & Pinnacle Trust Co. 0 0000 1,00

Silverback Asset Management LLC 0 0 0 0 318,422 126,42

Stark Investments 0 0 0 132,034 49,834 49,83

State Street Global Advisors 0 0 201,313 248,628 260,018 241,71

State Teachers Retirement System of Ohio 0 0 0 8,700 24,600 

Sterling Johnston Capital Management LP 0 168,550 469,450 587,900 0 

Summit Capital Management LLC 0 0 0 0 36,200 

Symmetry Capital Management LLC 0 0 0 0 313,700 477,80

The Florida State Board of Administration 0 0 11,600 11,700 11,700 1,30

The Galleon Group 0 50,000 0 0 0 

TIAA-CREF Asset Management LLC 0 0 132,867 168,904 206,904 162,39

Tocqueville Asset Management LP 0 0000

Trellus Management Co. LLC 0 0000UBS Global Asset Management 0 0 15,500 14,500 0 

UBS Securities LLC 0 0 13,445 13,638 9,733 36,90

Union Bank of California N.A. 0 0 20,225 20,225 0 

Vanguard Group, Inc. 0 0 12,636 11,936 11,536 10,33

Victory Capital Management, Inc. 0 0 10,050 0 0 12,40

Wachovia Securities LLC 0 26,501 19,501 0 0 Wasatch Advisors, Inc. 0 0 418,828 443,751 561,583 557,96

Wellington Management Co. LLP 0 0 0 0 15,300 15,30

Westcliff Capital Management LLC 0 37,300 0 0 0 Zweig-DiMenna Associates LLC 0 0 55,000 0 0 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 94 of 218
Exhibit 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 95 of 218
Exhibit 8

Isolagen (ILE)

Institutional Purchases of Isolagen Common Stock

Source: FactSet Research Services, Inc.

Number of Institutions with Increases 24 48 40 36 27 Total Increases 1,602,886 8,663,261 2,820,118 4,584,668 2,648,189 3,826,27

 

Holder Name 3/31/2004 6/30/2004 9/30/2004 12/31/2004 3/31/2005 6/30/20Accipiter Capital Management LLC 45,000 0 0 0 0 AIG Global Investment Group 0 10,636 1,414 933 733 Alexandra Investment Management LLC 00000 200,0AllianceBernstein LP 0 0 12,300 0 0 Apex Capital LLC 0 700,000 50,000 20,000 1,000 Atalanta Sosnoff Management Corp. 0 0 79,600 0 70,000 Avalon Advisors LP 0 10,100 730 1,200 0 AXA Framlington Investment Management Ltd. 0 0 0 100,000 0 250,0Bank of New York Mellon Asset Management 100 3,700 200 0 0 Barclays Global Investors NA (CA) 0 540,717 427,072 0 0 Basso Capital Management LP 00000

Bear, Stearns & Co., Inc. 0 0 561 0 0 8,7Blackthorn Investment Group LLC 10,500 0 0 0 0 Brazos Capital Management 0 175,000 107,800 402,800 0 Brencourt Advisors LLC 00000 75,0

California State Teachers Retirement System 0 62,525 6,900 0 0 CastleRock Management LLC 0 0 0 287,600 17,737 Chartwell Investment Partners LP 0 660,700 0 0 0 Citadel Investment Group LLC 106,100 0000 46,4

Citigroup Investment Research 129,050 322,685 9,010 0 0 Citizens Bank Wealth Management, N.A. 00000

Columbia Management Advisors, Inc. 0 1,014,010 0 4,600 0 Cortina Asset Management LLC 0000 29,020 Credit Suisse (US) 18,167 0 0 25,546 0 31,0Curian Capital LLC 00000 36,5

D. E. Shaw & Co., Inc. 0000 171,100 24,4Delaware Investment Advisers 0 779,000 139,600 114,700 190,300 248,5Deutsche Asset Management 0 0 0 10,700 0 Deutsche Bank Investment Management, Inc. 34,600 0 0 27,955 0 13,3Deutsche Bank Securities, Inc. 14,703 0 1,000 51 249 1,2Dimensional Fund Advisors, Inc. 62,100 153,700 180,500 60,800 3,800 DKR Capital Partners LP 0 150,000 0 1,178,000 1,000,000 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 96 of 218
Exhibit 8

Holder Name 3/31/2004 6/30/2004 9/30/2004 12/31/2004 3/31/2005 6/30/20Eaton Vance Management, Inc. 0 300,000 0 0 0 Edge Asset Management, Inc. 0000 137,500 88,0

FAF Advisors 4,360 0 132,950 0 0 First American Bank Asset Management 00000 12,6

Fortress Investment Group (Hedge Funds) 00000 12,1

Franklin Portfolio Associates 0 0 3,100 0 0 Gilder, Gagnon, Howe & Co. LLC 0 4,220 0 0 0 Global Index Advisors, Inc. 0 0 1,102 0 728 Goldman Sachs & Co. 0000 12,120 27,3Goldman Sachs Asset Management LP (US) 0 30,000 0 0 0 10,0Gruber & McBaine Capital Management LLC 100,900 165,000 139,100 138,000 93,700 272,3Gutzwiller Fonds Management AG 0 0 0 20,000 0 20,0Heartland Advisors, Inc. 25,900 150,000 4,500 0 0 1,130,9Hellman, Jordan Management Co., Inc. 0 100,000 0 0 0 Highbridge Capital Management LLC 00000

Intrepid Capital Management, Inc. 00000Ironwood Investment Management LLC 21,010 14,225 13,725 9,700 3,575 37,9Jefferies & Co., Inc. (CA) 0 0 0 51,800 2,500 JPMorgan Chase Bank NA 3,250 0 0 0 0 JPMorgan Securities, Inc. 14,394 0 0 0 0 Jupiter Asset Management Ltd. (UK) 00000 40,0

Legg Mason Investment Counsel LLC 0 300 1,760 0 0 3,0Lehman Brothers Asset Management LLC 0 14,426 0 0 121,900 Martingale Asset Management LP 0000 62,400 Medical Strategy GmbH 00000

Meisenbach Capital Management, Inc. 0 0 240,800 280,000 0 Mellon Capital Management 0 12,000 30,400 0 0 Merrill Lynch, Pierce, Fenner & Smith, Inc. 0 3,650 3,851 0 3 Metropolitan Life Insurance Co. 0 12,473 0 714 0 Morgan Stanley & Co., Inc. 35,200 0 0 0 14,447 7,5Morgan Stanley Investment Management, Inc. 0 1,450 0 0 0 Munder Capital Management 0 0 2,560 0 0 Murphy Capital Management, Inc. 0 3,500 0 0 0 New York Life Investment Management LLC 0 0 6,002 20,502 0 Northern Trust Investments 0 90,402 11,400 15,800 0 Ohio Public Employees Retirement System 0 36,573 0 1,347 0 OppenheimerFunds, Inc. 0 226,000 0 0 0 Origin Capital Management LLC 0 97,000 000

PADCO Advisors, Inc. (Rydex Global) 0 4,700 0 0 0 Perceptive Advisors LLC 62,900 434,600 781,290 0 462,400 989,7

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 97 of 218
Exhibit 8

Holder Name 3/31/2004 6/30/2004 9/30/2004 12/31/2004 3/31/2005 6/30/20Peregrine Capital Management, Inc. 0 801,800 0 646,900 0 Piper Jaffray, Inc. 00000 2,0Presidio Geary Management LLC 417,400 0 0 0 0 Putnam Investment Management, Inc. 210,850 0 1,300 0 0 Rafferty Asset Management LLC 00000 20,0

RBC Asset Management, Inc. 0 0 0 0 0 RBC Dominion Securities, Inc. 0 0 0 2,086 0 5Renaissance Technologies Corp. 00000 67,9

Ritchie Capital Management LLC 0 0 0 280,200 24,900 RiverSource Investments LLC 0 9,100 500 3,500 0 RockView Management LLC 4,051 0 0 0 0 Roxbury Capital Management LLC 0 258,260 59,804 0 0 Russell Investment Group 0 118,445 1,535 0 0 S.A.C. Capital Advisors 0 0 0 12,490 23,410 Salient Partners & Pinnacle Trust Co. 0000 1,000 Silverback Asset Management LLC 0 0 0 318,422 0 Stark Investments 0 0 132,034 0 0 State Street Global Advisors 0 201,313 47,315 11,390 0 State Teachers Retirement System of Ohio 0 0 8,700 15,900 0 Sterling Johnston Capital Management LP 168,550 300,900 118,450 0 0 Summit Capital Management LLC 0 0 0 36,200 0 Symmetry Capital Management LLC 0 0 0 313,700 164,100 The Florida State Board of Administration 0 11,600 100 0 0 The Galleon Group 50,000 0 0 0 0 TIAA-CREF Asset Management LLC 0 132,867 36,037 38,000 0 Tocqueville Asset Management LP 00000

Trellus Management Co. LLC 00000 75,0

UBS Global Asset Management 0 15,500 000

UBS Securities LLC 0 13,445 193 0 27,167 Union Bank of California N.A. 0 20,225 0 0 0 Vanguard Group, Inc. 0 12,636 0 0 0 57,1Victory Capital Management, Inc. 0 10,050 0 0 12,400 1,8Wachovia Securities LLC 26,501 0 0 0 0 Wasatch Advisors, Inc. 0 418,828 24,923 117,832 0 14,8Wellington Management Co. LLP 0 0 0 15,300 0 Westcliff Capital Management LLC 37,300 0 0 0 0 Zweig-DiMenna Associates LLC 0 55,000 0 0 0 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 98 of 218
Exhibit 9

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 99 of 218
Exhibit 9

Isolagen (ILE)

Regression Analysis

Summary Output

Multiple R-Square 0.04624Standard Error 0.03143Observations 252Durban-Watson Statistic 1.79

df SS MS Fstat Significance F

Regression 1 0.01198 0.01198 12.11994 5.89E-04Residual 250 0.24703 0.00099Total 251 0.25900

Equation

Coefficient Standard Error t Stat P-Value Lower 95% Upper 95

Intercept 0.00139 0.00198 0.70119 0.48384 -0.00252 0.005Market Index (NAN) 0.97561 0.28024 3.48137 0.00059 0.42368 1.527Regression period: 1/2/2004 - 12/31/2004The NAN market index is a market capitalization weighted index of the NYSE, Nasdaq and American Stock ExchangesPredicted Isolagen Stock Return = 0.00139 + 0.97561* Market Index ReturnSources: FactSet Research Systems, Inc.; CRSP

Regression Statistics

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 100 of 218
Exhibit 10

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 101 of 218
Exhibit 10 

Isolagen (ILE)

Common Stock -- Actual versus Predicted Returns

Prediction Equation: ILE Return = 0.00139 + (0.97561 * Market Return)

Control Period: 1/2/04 - 12/31/04

Class Period: 3/3/04 - 8/9/05

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. (****)

3/3/2004 2.91% 0.14% 0.28% 2.62% 3.14% 0.84

3/4/2004 -2.82% 0.43% 0.56% -3.37% 3.14% -1.08

3/5/2004 7.33% 0.25% 0.39% 6.91% 3.14% 2.21  

3/8/2004 8.02% -0.81% -0.65% 8.72% 3.14% 2.76 ** **

3/9/2004 -5.72% -0.63% -0.48% -5.26% 3.14% -1.67

3/10/2004 -1.70% -1.48% -1.30% -0.40% 3.14% -0.13

3/11/2004 2.92% -1.39% -1.22% 4.19% 3.14% 1.32

3/12/2004 5.15% 1.33% 1.43% 3.67% 3.14% 1.18

3/15/2004 4.90% -1.52% -1.34% 6.33% 3.14% 1.99  

3/16/2004 -4.67% 0.43% 0.56% -5.20% 3.14% -1.66

3/17/2004 -0.10% 1.22% 1.33% -1.41% 3.14% -0.46

3/18/2004 -1.00% -0.18% -0.03% -0.97% 3.14% -0.31

3/19/2004 3.13% -0.96% -0.80% 3.96% 3.14% 1.25

3/22/2004 -4.41% -1.38% -1.21% -3.24% 3.14% -1.02

3/23/2004 2.56% -0.08% 0.06% 2.50% 3.14% 0.80

3/24/2004 -2.00% -0.27% -0.13% -1.88% 3.14% -0.60

3/25/2004 1.94% 1.65% 1.75% 0.18% 3.14% 0.06

3/26/2004 2.00% -0.01% 0.13% 1.87% 3.14% 0.60

3/29/2004 7.95% 1.31% 1.42% 6.44% 3.14% 2.08 ** **

3/30/2004 5.27% 0.48% 0.61% 4.64% 3.14% 1.48

3/31/2004 1.81% 0.03% 0.17% 1.64% 3.14% 0.52

4/1/2004 -0.42% 0.65% 0.77% -1.19% 3.14% -0.38

4/2/2004 2.56% 0.84% 0.96% 1.58% 3.14% 0.51

4/5/2004 -1.41% 0.66% 0.78% -2.18% 3.14% -0.70

4/6/2004 -5.64% -0.35% -0.21% -5.45% 3.14% -1.73

4/7/2004 2.77% -0.45% -0.30% 3.08% 3.14% 0.98

4/8/2004 -1.13% -0.17% -0.02% -1.11% 3.14% -0.35

4/12/2004 -3.34% 0.38% 0.51% -3.83% 3.14% -1.23

4/13/2004 -8.18% -1.48% -1.30% -6.97% 3.14% -2.19  

4/14/2004 -0.99% -0.24% -0.10% -0.90% 3.14% -0.28

4/15/2004 0.00% -0.01% 0.13% -0.13% 3.14% -0.04

4/16/2004 -1.80% 0.48% 0.61% -2.39% 3.14% -0.77

4/19/2004 1.73% 0.22% 0.36% 1.37% 3.14% 0.44

4/20/2004 -1.90% -1.51% -1.33% -0.58% 3.14% -0.18

4/21/2004 -2.14% 0.57% 0.70% -2.82% 3.14% -0.90

4/22/2004 0.10% 1.43% 1.54% -1.41% 3.14% -0.46

4/23/2004 -1.04% -0.02% 0.12% -1.16% 3.14% -0.37

4/26/2004 -5.26% -0.31% -0.17% -5.10% 3.14% -1.62

4/27/2004 -2.78% 0.15% 0.28% -3.05% 3.14% -0.97

4/28/2004 2.74% -1.43% -1.26% 4.05% 3.14% 1.27

4/29/2004 -1.11% -0.87% -0.71% -0.41% 3.14% -0.13

4/30/2004 0.11% -0.65% -0.50% 0.61% 3.14% 0.19

5/3/2004 -2.25% 0.85% 0.97% -3.19% 3.14% -1.02

1 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 102 of 218
Exhibit 10 

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. (** **)

5/4/2004 1.61% 0.23% 0.36% 1.25% 3.14% 0.40

5/5/2004 -0.45% 0.25% 0.38% -0.83% 3.14% -0.27

5/6/2004 0.57% -0.79% -0.63% 1.21% 3.14% 0.38

5/7/2004 -0.56% -1.54% -1.36% 0.81% 3.14% 0.25

5/10/2004 1.14% -1.31% -1.14% 2.30% 3.14% 0.72

5/11/2004 0.00% 0.97% 1.08% -1.07% 3.14% -0.34

5/12/2004 -3.15% 0.13% 0.26% -3.40% 3.14% -1.08

5/13/2004 -2.09% -0.08% 0.06% -2.15% 3.14% -0.68

5/14/2004 2.13% -0.14% 0.01% 2.13% 3.14% 0.68

5/17/2004 0.23% -1.09% -0.92% 1.16% 3.14% 0.37

5/18/2004 0.69% 0.78% 0.90% -0.21% 3.14% -0.07

5/19/2004 -2.07% -0.21% -0.07% -2.01% 3.14% -0.64

5/20/2004 -0.35% 0.06% 0.20% -0.55% 3.14% -0.17

5/21/2004 -1.06% 0.44% 0.56% -1.62% 3.14% -0.52

5/24/2004 1.67% 0.31% 0.44% 1.22% 3.14% 0.39

5/25/2004 0.23% 1.66% 1.75% -1.49% 3.14% -0.48

5/26/2004 -0.70% 0.31% 0.44% -1.14% 3.14% -0.36

5/27/2004 0.59% 0.51% 0.64% -0.05% 3.14% -0.02

5/28/2004 3.16% 0.05% 0.19% 2.97% 3.14% 0.95

6/1/2004 -0.79% 0.12% 0.26% -1.05% 3.14% -0.33

6/2/2004 -0.46% 0.33% 0.46% -0.91% 3.14% -0.29

6/3/2004 2.41% -0.89% -0.73% 3.16% 3.14% 1.00

6/4/2004 -2.35% 0.57% 0.69% -3.02% 3.14% -0.97

6/7/2004 7.35% 1.54% 1.64% 5.61% 3.14% 1.82

6/8/2004 -3.64% 0.08% 0.21% -3.84% 3.14% -1.22

6/9/2004 -0.67% -1.02% -0.86% 0.19% 3.14% 0.06

6/10/2004 0.22% 0.34% 0.47% -0.25% 3.14% -0.08

6/14/2004 1.45% -1.06% -0.89% 2.36% 3.14% 0.75

6/15/2004 0.88% 0.74% 0.86% 0.02% 3.14% 0.01

6/16/2004 -2.18% 0.15% 0.28% -2.45% 3.14% -0.78

6/17/2004 3.01% -0.11% 0.03% 2.98% 3.14% 0.95

6/18/2004 -1.95% 0.20% 0.33% -2.27% 3.14% -0.73

6/21/2004 5.95% -0.39% -0.24% 6.21% 3.14% 1.97  

6/22/2004 10.30% 0.37% 0.50% 9.75% 3.14% 3.12 ** **

6/23/2004 1.32% 0.89% 1.01% 0.31% 3.14% 0.10

6/24/2004 -1.86% -0.22% -0.08% -1.79% 3.14% -0.57

6/25/2004 -1.80% -0.20% -0.05% -1.75% 3.14% -0.56

6/28/2004 -0.10% -0.23% -0.08% -0.01% 3.14% 0.00

6/29/2004 -0.39% 0.27% 0.40% -0.79% 3.14% -0.25

6/30/2004 -0.19% 0.50% 0.63% -0.82% 3.14% -0.26

7/1/2004 -1.75% -1.01% -0.85% -0.91% 3.14% -0.29

7/2/2004 0.50% -0.22% -0.07% 0.57% 3.14% 0.18

7/6/2004 -5.42% -0.90% -0.74% -4.71% 3.14% -1.49

7/7/2004 -1.35% 0.18% 0.32% -1.67% 3.14% -0.53

7/8/2004 -2.53% -0.95% -0.79% -1.76% 3.14% -0.56

7/9/2004 4.33% 0.31% 0.44% 3.87% 3.14% 1.24

7/12/2004 -0.31% 0.06% 0.19% -0.51% 3.14% -0.16

7/13/2004 1.56% 0.07% 0.21% 1.35% 3.14% 0.43

7/14/2004 -2.97% -0.30% -0.16% -2.82% 3.14% -0.90

7/15/2004 -3.07% -0.29% -0.14% -2.93% 3.14% -0.93

2 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 103 of 218
Exhibit 10 

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. ( )

7/16/2004 -0.33% -0.53% -0.38% 0.05% 3.14% 0.02

7/19/2004 -5.91% -0.10% 0.04% -5.95% 3.14% -1.89

7/20/2004 -0.35% 0.82% 0.93% -1.27% 3.14% -0.41

7/21/2004 -5.83% -1.48% -1.30% -4.59% 3.14% -1.44

7/22/2004 -2.60% 0.10% 0.24% -2.83% 3.14% -0.90

7/23/2004 0.00% -1.01% -0.84% 0.85% 3.14% 0.27

7/26/2004 -5.22% -0.41% -0.26% -4.97% 3.14% -1.58

7/27/2004 2.42% 1.07% 1.18% 1.22% 3.14% 0.39

7/28/2004 -0.52% -0.06% 0.08% -0.60% 3.14% -0.19

7/29/2004 0.66% 0.65% 0.77% -0.11% 3.14% -0.04

7/30/2004 4.58% 0.16% 0.30% 4.27% 3.14% 1.36

8/2/2004 -2.38% 0.38% 0.51% -2.87% 3.14% -0.92

8/3/2004 1.15% -0.71% -0.55% 1.71% 3.14% 0.54

8/4/2004 -0.89% -0.18% -0.04% -0.85% 3.14% -0.27

8/5/2004 -8.57% -1.60% -1.42% -7.25% 3.14% -2.27 ** **

8/6/2004 2.80% -1.53% -1.35% 4.21% 3.14% 1.32

8/9/2004 -2.04% 0.03% 0.17% -2.21% 3.14% -0.70

8/10/2004 1.39% 1.36% 1.46% -0.07% 3.14% -0.02

8/11/2004 -0.68% -0.28% -0.13% -0.56% 3.14% -0.18

8/12/2004 -2.21% -1.15% -0.98% -1.24% 3.14% -0.39

8/13/2004 4.23% 0.11% 0.25% 3.98% 3.14% 1.27

8/16/2004 9.61% 1.39% 1.50% 7.99% 3.14% 2.58  

8/17/2004 0.37% 0.32% 0.46% -0.08% 3.14% -0.03

8/18/2004 0.37% 1.33% 1.44% -1.05% 3.14% -0.34

8/19/2004 -1.96% -0.39% -0.24% -1.72% 3.14% -0.55

8/20/2004 1.13% 0.83% 0.95% 0.17% 3.14% 0.05

8/23/2004 -3.58% -0.31% -0.16% -3.43% 3.14% -1.09

8/24/2004 0.26% 0.06% 0.20% 0.06% 3.14% 0.02

8/25/2004 4.73% 0.80% 0.92% 3.77% 3.14% 1.21

8/26/2004 -0.12% -0.03% 0.11% -0.24% 3.14% -0.07

8/27/2004 0.73% 0.33% 0.46% 0.27% 3.14% 0.09

8/30/2004 -1.94% -0.81% -0.65% -1.30% 3.14% -0.41

8/31/2004 3.96% 0.49% 0.62% 3.32% 3.14% 1.06

9/1/2004 2.86% 0.29% 0.42% 2.42% 3.14% 0.77

9/2/2004 1.04% 1.07% 1.18% -0.14% 3.14% -0.04

9/3/2004 0.11% -0.42% -0.27% 0.38% 3.14% 0.12

9/7/2004 -0.23% 0.74% 0.86% -1.08% 3.14% -0.35

9/8/2004 -1.49% -0.46% -0.31% -1.18% 3.14% -0.37

9/9/2004 -0.93% 0.30% 0.43% -1.35% 3.14% -0.43

9/10/2004 1.88% 0.53% 0.65% 1.22% 3.14% 0.39

9/13/2004 0.35% 0.28% 0.41% -0.07% 3.14% -0.02

9/14/2004 1.72% 0.17% 0.30% 1.42% 3.14% 0.45

9/15/2004 0.56% -0.63% -0.47% 1.04% 3.14% 0.33

9/16/2004 3.37% 0.40% 0.53% 2.83% 3.14% 0.91

9/17/2004 5.98% 0.33% 0.46% 5.49% 3.14% 1.75

9/20/2004 3.69% -0.50% -0.35% 4.06% 3.14% 1.29

9/21/2004 1.29% 0.66% 0.78% 0.50% 3.14% 0.16

9/22/2004 -0.49% -1.32% -1.15% 0.67% 3.14% 0.21

9/23/2004 0.29% -0.36% -0.21% 0.51% 3.14% 0.16

9/24/2004 0.20% 0.15% 0.28% -0.08% 3.14% -0.03

3 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 104 of 218
Exhibit 10 

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. (** **)

9/27/2004 -5.27% -0.68% -0.52% -4.78% 3.14% -1.51

9/28/2004 -7.22% 0.63% 0.75% -7.91% 3.14% -2.53  

9/29/2004 -0.11% 0.48% 0.61% -0.72% 3.14% -0.23

9/30/2004 5.12% 0.08% 0.22% 4.88% 3.14% 1.56

10/1/2004 3.17% 1.47% 1.58% 1.57% 3.14% 0.51

10/4/2004 -2.56% 0.39% 0.52% -3.06% 3.14% -0.98

10/5/2004 -2.32% -0.10% 0.04% -2.36% 3.14% -0.75

10/6/2004 -1.51% 0.69% 0.81% -2.30% 3.14% -0.74

10/7/2004 0.00% -1.03% -0.87% 0.88% 3.14% 0.28

10/8/2004 -2.30% -0.74% -0.59% -1.72% 3.14% -0.54

10/11/2004 -2.02% 0.22% 0.35% -2.36% 3.14% -0.75

10/12/2004 -0.46% -0.20% -0.06% -0.40% 3.14% -0.13

10/13/2004 -0.92% -0.74% -0.58% -0.34% 3.14% -0.11

10/14/2004 -1.62% -0.86% -0.70% -0.93% 3.14% -0.29

10/15/2004 2.94% 0.46% 0.59% 2.34% 3.14% 0.75

10/18/2004 -0.46% 0.50% 0.63% -1.08% 3.14% -0.35

10/19/2004 -0.92% -0.89% -0.73% -0.19% 3.14% -0.06

10/20/2004 0.81% 0.10% 0.23% 0.58% 3.14% 0.18

10/21/2004 -4.49% 0.40% 0.53% -4.99% 3.14% -1.60

10/22/2004 -0.12% -0.98% -0.82% 0.70% 3.14% 0.22

10/25/2004 -16.16% -0.03% 0.11% -16.25% 3.14% -5.18 ** **

10/26/2004 0.29% 1.34% 1.45% -1.14% 3.14% -0.37

10/27/2004 -3.30% 1.35% 1.46% -4.69% 3.14% -1.51

10/28/2004 -1.19% 0.14% 0.27% -1.45% 3.14% -0.46

10/29/2004 2.25% 0.18% 0.31% 1.93% 3.14% 0.62

11/1/2004 -0.73% 0.10% 0.24% -0.97% 3.14% -0.31

11/2/2004 5.62% -0.02% 0.12% 5.49% 3.14% 1.75

11/3/2004 -0.28% 1.16% 1.27% -1.53% 3.14% -0.49

11/4/2004 -3.79% 1.49% 1.60% -5.30% 3.14% -1.71

11/5/2004 2.48% 0.36% 0.49% 1.98% 3.14% 0.63

11/8/2004 -0.57% -0.14% 0.00% -0.57% 3.14% -0.18

11/9/2004 4.01% 0.06% 0.20% 3.81% 3.14% 1.21

11/10/2004 0.96% 0.02% 0.15% 0.81% 3.14% 0.26

11/11/2004 -0.95% 0.90% 1.01% -1.95% 3.14% -0.63

11/12/2004 -0.41% 0.89% 1.01% -1.41% 3.14% -0.45

11/15/2004 -0.41% 0.10% 0.24% -0.65% 3.14% -0.21

11/16/2004 0.00% -0.65% -0.49% 0.50% 3.14% 0.16

11/17/2004 0.69% 0.59% 0.71% -0.02% 3.14% -0.01

11/18/2004 0.28% 0.06% 0.19% 0.08% 3.14% 0.03

11/19/2004 0.41% -1.10% -0.93% 1.36% 3.14% 0.43

11/22/2004 0.68% 0.61% 0.73% -0.04% 3.14% -0.01

11/23/2004 1.22% 0.09% 0.23% 0.99% 3.14% 0.32

11/24/2004 0.81% 0.49% 0.62% 0.19% 3.14% 0.06

11/26/2004 -1.33% 0.12% 0.26% -1.59% 3.14% -0.51

11/29/2004 1.49% -0.20% -0.06% 1.55% 3.14% 0.49

11/30/2004 1.07% -0.34% -0.19% 1.26% 3.14% 0.40

12/1/2004 3.95% 1.47% 1.57% 2.35% 3.14% 0.76

12/2/2004 0.89% -0.09% 0.05% 0.84% 3.14% 0.27

12/3/2004 -1.01% 0.09% 0.23% -1.23% 3.14% -0.39

12/6/2004 -1.78% -0.11% 0.03% -1.81% 3.14% -0.58

4 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 105 of 218
Exhibit 10 

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. ( )

12/7/2004 -0.52% -1.15% -0.98% 0.47% 3.14% 0.15

12/8/2004 0.78% 0.46% 0.59% 0.19% 3.14% 0.06

12/9/2004 2.58% 0.44% 0.57% 1.99% 3.14% 0.64

12/10/2004 -1.38% 0.01% 0.15% -1.53% 3.14% -0.49

12/13/2004 -0.51% 0.84% 0.96% -1.45% 3.14% -0.47

12/14/2004 2.05% 0.43% 0.56% 1.48% 3.14% 0.47

12/15/2004 -1.76% 0.34% 0.47% -2.21% 3.14% -0.71

12/16/2004 -2.94% -0.29% -0.15% -2.80% 3.14% -0.89

12/17/2004 3.55% -0.50% -0.35% 3.91% 3.14% 1.24

12/20/2004 0.25% -0.12% 0.02% 0.23% 3.14% 0.07

12/21/2004 -0.76% 0.92% 1.03% -1.78% 3.14% -0.57

12/22/2004 -0.77% 0.40% 0.52% -1.28% 3.14% -0.41

12/23/2004 -0.13% 0.07% 0.21% -0.34% 3.14% -0.11

12/27/2004 -1.93% -0.43% -0.28% -1.66% 3.14% -0.53

12/28/2004 0.53% 0.82% 0.94% -0.41% 3.14% -0.13

12/29/2004 -0.39% 0.03% 0.17% -0.56% 3.14% -0.18

12/30/2004 1.05% 0.05% 0.19% 0.86% 3.14% 0.27

12/31/2004 2.21% -0.12% 0.02% 2.19% 3.14% 0.70

1/3/2005 -3.43% -0.95% -0.79% -2.66% 3.16% -0.83

1/4/2005 -0.13% -1.28% -1.11% 0.99% 3.17% 0.31

1/5/2005 -2.77% -0.57% -0.42% -2.36% 3.15% -0.74

1/6/2005 -1.36% 0.36% 0.49% -1.83% 3.15% -0.58

1/7/2005 -1.10% -0.20% -0.05% -1.05% 3.15% -0.33

1/10/2005 4.03% 0.41% 0.54% 3.47% 3.15% 1.11

1/11/2005 -0.93% -0.67% -0.51% -0.43% 3.16% -0.13

1/12/2005 0.81% 0.37% 0.50% 0.31% 3.15% 0.10

1/13/2005 -2.14% -0.72% -0.56% -1.59% 3.16% -0.50

1/14/2005 0.82% 0.66% 0.78% 0.03% 3.15% 0.01

1/18/2005 -0.14% 0.97% 1.09% -1.21% 3.16% -0.39

1/19/2005 -2.44% -0.92% -0.76% -1.70% 3.16% -0.53

1/20/2005 1.53% -0.75% -0.59% 2.13% 3.16% 0.67

1/21/2005 -1.37% -0.52% -0.37% -1.00% 3.15% -0.32

1/24/2005 -0.69% -0.48% -0.33% -0.37% 3.15% -0.12

1/25/2005 -0.28% 0.29% 0.43% -0.70% 3.15% -0.22

1/26/2005 -0.42% 0.62% 0.74% -1.15% 3.15% -0.37

1/27/2005 0.56% 0.07% 0.21% 0.36% 3.15% 0.11

1/28/2005 -1.96% -0.26% -0.12% -1.85% 3.15% -0.59

1/31/2005 -2.71% 0.95% 1.06% -3.74% 3.16% -1.20

2/1/2005 0.44% 0.69% 0.81% -0.37% 3.15% -0.12

2/2/2005 0.73% 0.38% 0.51% 0.22% 3.15% 0.07

2/3/2005 2.32% -0.26% -0.11% 2.44% 3.15% 0.77

2/4/2005 3.12% 1.13% 1.24% 1.86% 3.16% 0.59

2/7/2005 -1.10% -0.11% 0.04% -1.14% 3.15% -0.36

2/8/2005 -2.64% 0.09% 0.23% -2.86% 3.15% -0.91

2/9/2005 -0.86% -0.94% -0.78% -0.08% 3.16% -0.02

2/10/2005 -1.59% 0.36% 0.49% -2.06% 3.15% -0.66

2/11/2005 0.59% 0.76% 0.88% -0.30% 3.16% -0.09

2/14/2005 -2.47% 0.10% 0.24% -2.70% 3.15% -0.86

2/15/2005 -0.15% 0.29% 0.42% -0.57% 3.15% -0.18

2/16/2005 1.79% 0.09% 0.22% 1.57% 3.15% 0.50

5 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 106 of 218
Exhibit 10 

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. (** **)

2/17/2005 4.41% -0.75% -0.60% 5.03% 3.16% 1.58

2/18/2005 8.72% -0.01% 0.13% 8.58% 3.15% 2.73  

2/22/2005 3.62% -1.47% -1.29% 4.98% 3.18% 1.55

2/23/2005 0.50% 0.52% 0.65% -0.15% 3.15% -0.05

2/24/2005 -1.86% 0.81% 0.93% -2.77% 3.16% -0.88

2/25/2005 -2.15% 0.99% 1.10% -3.22% 3.16% -1.03

2/28/2005 -2.85% -0.59% -0.44% -2.42% 3.15% -0.76

3/1/2005 0.67% 0.59% 0.72% -0.05% 3.15% -0.02

3/2/2005 -0.40% -0.01% 0.13% -0.52% 3.15% -0.17

3/3/2005 1.86% 0.02% 0.16% 1.70% 3.15% 0.54

3/4/2005 0.00% 0.91% 1.03% -1.02% 3.16% -0.33

3/7/2005 -1.83% 0.28% 0.41% -2.23% 3.15% -0.71

3/8/2005 -2.39% -0.53% -0.37% -2.02% 3.15% -0.64

3/9/2005 -3.95% -0.98% -0.82% -3.15% 3.16% -0.99

3/10/2005 -0.14% 0.03% 0.16% -0.31% 3.15% -0.10

3/11/2005 2.70% -0.55% -0.40% 3.10% 3.15% 0.98

3/14/2005 1.24% 0.61% 0.74% 0.50% 3.15% 0.16

3/15/2005 -2.46% -0.65% -0.50% -1.97% 3.16% -0.62

3/16/2005 -0.28% -0.84% -0.68% 0.40% 3.16% 0.13

3/17/2005 -2.81% 0.22% 0.35% -3.15% 3.15% -1.00

3/18/2005 -0.58% -0.14% 0.01% -0.58% 3.15% -0.19

3/21/2005 -0.15% -0.38% -0.23% 0.09% 3.15% 0.03

3/22/2005 -0.58% -0.92% -0.76% 0.18% 3.16% 0.06

3/23/2005 -0.58% -0.15% -0.01% -0.58% 3.15% -0.18

3/24/2005 -1.18% 0.04% 0.18% -1.35% 3.15% -0.43

3/28/2005 -3.42% 0.13% 0.27% -3.68% 3.15% -1.17

3/29/2005 -2.77% -0.83% -0.67% -2.12% 3.16% -0.67

3/30/2005 -0.79% 1.35% 1.46% -2.22% 3.17% -0.71

3/31/2005 0.48% 0.02% 0.16% 0.32% 3.15% 0.10

4/1/2005 3.02% -0.59% -0.44% 3.47% 3.15% 1.10

4/4/2005 -2.47% 0.28% 0.41% -2.87% 3.15% -0.91

4/5/2005 -1.42% 0.40% 0.53% -1.94% 3.15% -0.62

4/6/2005 0.80% 0.24% 0.37% 0.43% 3.15% 0.14

4/7/2005 1.43% 0.58% 0.70% 0.73% 3.15% 0.23

4/8/2005 1.26% -0.86% -0.70% 1.97% 3.16% 0.62

4/11/2005 0.78% -0.07% 0.07% 0.71% 3.15% 0.22

4/12/2005 -1.69% 0.58% 0.70% -2.38% 3.15% -0.76

4/13/2005 -4.69% -1.17% -1.00% -3.73% 3.17% -1.17

4/14/2005 -4.60% -1.08% -0.91% -3.72% 3.17% -1.16

4/15/2005 -9.47% -1.54% -1.37% -8.21% 3.18% -2.55 ** **

4/18/2005 -3.42% 0.30% 0.43% -3.84% 3.15% -1.22

4/19/2005 1.38% 0.76% 0.88% 0.49% 3.16% 0.16

4/20/2005 6.02% -1.31% -1.14% 7.24% 3.17% 2.26  

4/21/2005 2.56% 1.84% 1.93% 0.62% 3.19% 0.20

4/22/2005 5.00% -0.78% -0.62% 5.65% 3.16% 1.78

4/25/2005 -25.00% 0.93% 1.05% -25.78% 3.16% -8.25 ** **

4/26/2005 3.17% -0.84% -0.68% 3.88% 3.16% 1.22

4/27/2005 0.00% 0.31% 0.44% -0.44% 3.15% -0.14

4/28/2005 3.30% -1.17% -1.00% 4.34% 3.17% 1.36

4/29/2005 3.19% 1.04% 1.16% 2.01% 3.16% 0.64

6 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 107 of 218
Exhibit 10 

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. ( )

5/2/2005 -5.36% 0.51% 0.63% -5.96% 3.15% -1.90

5/3/2005 -3.05% -0.03% 0.11% -3.15% 3.15% -1.00

5/4/2005 4.49% 1.26% 1.37% 3.08% 3.17% 0.99

5/5/2005 -0.86% -0.15% -0.01% -0.85% 3.15% -0.27

5/6/2005 -3.25% -0.04% 0.10% -3.35% 3.15% -1.06

5/9/2005 0.90% 0.64% 0.77% 0.13% 3.15% 0.04

5/10/2005 -2.22% -0.98% -0.82% -1.42% 3.16% -0.44

5/11/2005 -6.82% 0.39% 0.52% -7.30% 3.15% -2.33 ** **

5/12/2005 -3.17% -1.00% -0.84% -2.35% 3.16% -0.74

5/13/2005 -4.28% -0.48% -0.33% -3.96% 3.15% -1.25

5/16/2005 6.05% 1.02% 1.14% 4.86% 3.16% 1.55

5/17/2005 -6.45% 0.66% 0.78% -7.17% 3.15% -2.29  

5/18/2005 0.80% 1.15% 1.26% -0.46% 3.16% -0.15

5/19/2005 -1.58% 0.47% 0.59% -2.16% 3.15% -0.69

5/20/2005 1.87% -0.11% 0.03% 1.84% 3.15% 0.58

5/23/2005 5.77% 0.43% 0.56% 5.19% 3.15% 1.66

5/24/2005 -3.23% 0.03% 0.17% -3.39% 3.15% -1.08

5/25/2005 -5.13% -0.44% -0.29% -4.85% 3.15% -1.53

5/26/2005 3.78% 0.72% 0.84% 2.92% 3.16% 0.93

5/27/2005 5.21% 0.21% 0.34% 4.85% 3.15% 1.55

5/31/2005 0.74% -0.44% -0.29% 1.04% 3.15% 0.33

6/1/2005 -5.16% 0.91% 1.03% -6.13% 3.16% -1.96

6/2/2005 -3.37% 0.24% 0.38% -3.73% 3.15% -1.19

6/3/2005 -3.22% -0.64% -0.48% -2.75% 3.16% -0.87

6/6/2005 0.55% 0.17% 0.30% 0.25% 3.15% 0.08

6/7/2005 -1.65% 0.00% 0.14% -1.79% 3.15% -0.57

6/8/2005 -3.36% -0.25% -0.10% -3.26% 3.15% -1.03

6/9/2005 3.48% 0.57% 0.70% 2.76% 3.15% 0.88

6/10/2005 -6.16% -0.19% -0.05% -6.12% 3.15% -1.94

6/13/2005 1.49% 0.29% 0.42% 1.07% 3.15% 0.34

6/14/2005 0.00% 0.33% 0.46% -0.46% 3.15% -0.15

6/15/2005 5.29% 0.23% 0.36% 4.92% 3.15% 1.57

6/16/2005 7.82% 0.46% 0.59% 7.19% 3.15% 2.29 ** **

6/17/2005 5.96% 0.38% 0.51% 5.42% 3.15% 1.73

6/20/2005 -0.98% -0.07% 0.07% -1.05% 3.15% -0.33

6/21/2005 -3.70% -0.18% -0.04% -3.67% 3.15% -1.16

6/22/2005 0.77% 0.06% 0.20% 0.57% 3.15% 0.18

6/23/2005 3.56% -1.02% -0.86% 4.46% 3.16% 1.40

6/24/2005 5.16% -0.69% -0.54% 5.73% 3.16% 1.80

6/27/2005 -2.10% -0.06% 0.08% -2.18% 3.15% -0.69

6/28/2005 0.24% 1.04% 1.15% -0.90% 3.16% -0.29

6/29/2005 3.33% -0.06% 0.08% 3.25% 3.15% 1.03

6/30/2005 -5.53% -0.58% -0.43% -5.12% 3.15% -1.62

7/1/2005 -0.24% 0.34% 0.47% -0.71% 3.15% -0.23

7/5/2005 1.71% 0.92% 1.04% 0.67% 3.16% 0.21

7/6/2005 -0.24% -0.70% -0.54% 0.30% 3.16% 0.10

7/7/2005 1.93% 0.27% 0.40% 1.52% 3.15% 0.48

7/8/2005 2.13% 1.21% 1.32% 0.80% 3.17% 0.26

7/11/2005 2.55% 0.70% 0.83% 1.71% 3.15% 0.55

7/12/2005 6.09% 0.21% 0.35% 5.73% 3.15% 1.82

7 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 108 of 218
Exhibit 10 

Date

Actual

Return

Market 

(NAN) 

Return

Predicted

Return

Residual

Return

Standard

Deviation Z-Score Sig. ( )

7/13/2005 2.34% 0.01% 0.15% 2.19% 3.15% 0.70

7/14/2005 -3.53% 0.11% 0.24% -3.77% 3.15% -1.20

7/15/2005 0.22% 0.14% 0.27% -0.06% 3.15% -0.02

7/18/2005 4.30% -0.51% -0.36% 4.68% 3.15% 1.48

7/19/2005 -0.21% 0.76% 0.88% -1.07% 3.16% -0.34

7/20/2005 2.07% 0.55% 0.68% 1.38% 3.15% 0.44

7/21/2005 1.21% -0.73% -0.57% 1.80% 3.16% 0.57

7/22/2005 3.00% 0.58% 0.71% 2.28% 3.15% 0.73

7/25/2005 1.36% -0.44% -0.29% 1.65% 3.15% 0.52

7/26/2005 -0.38% 0.23% 0.36% -0.74% 3.15% -0.24

7/27/2005 -3.85% 0.43% 0.56% -4.38% 3.15% -1.40

7/28/2005 4.00% 0.69% 0.81% 3.16% 3.15% 1.01

7/29/2005 7.50% -0.63% -0.47% 8.01% 3.16% 2.53 ** **

8/1/2005 -49.19% 0.15% 0.29% -49.34% 3.15% -15.71  

8/2/2005 -1.76% 0.71% 0.83% -2.57% 3.16% -0.82

8/3/2005 2.15% -0.01% 0.13% 2.02% 3.15% 0.64

8/4/2005 0.70% -0.82% -0.66% 1.37% 3.16% 0.43

8/5/2005 3.83% -0.86% -0.70% 4.56% 3.16% 1.43

8/8/2005 -1.01% -0.38% -0.24% -0.77% 3.15% -0.24

8/9/2005 -9.83% 0.57% 0.69% -10.45% 3.15% -3.34 ** **

8/10/2005 -6.02% -0.10% 0.04% -6.06% 3.15% -1.92

8 of 8

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 109 of 218
Exhibit 11 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 110 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 1  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/03/04 $8.850 2.91% 454,300 Biotech Week Isolagen, Inc. Company announces positive results in phase I denta 2004 MAR 3 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), a  specializing in the development and commercialization of autologou lar therapy for hard and soft tissue regeneration ... 03/03/04 $8.850 2.91% 454,300 Bloomberg . . . . . . . . BN Isolagen Says Study Shows Treatment Reduces Wrinkles (Update3) . . . . Mar 3 2004 17:39 . . . . Isolagen Says Study Shows Treatment Reduces Wrinkles (Update3) . . . . (Adds details on Botox in fifth paragraph.) . . . . By Juliann Walsh . . . . March 3 (Bloomberg) -- Isolagen Inc., which is developing a . . . . wrinkle treatment from human skin cells to compete with Allergan . . . . Inc's Botox, said a late-stage study showed Isolagen's injectable . . . . product was safe and effective. . . . . The Isolagen Process may be available in the U.S. by 2005 if . . . . . . . . 03/03/04 $8.850 2.91% 454,300 Bloomberg . . . . BN Isolagen Says Study Shows Injectable Treatment Reduces Wrinkles . . . . Mar 3 2004 9:28 . . . . Isolagen Says Study Shows Injectable Treatment Reduces Wrinkles . . . . By Juliann Walsh . . . . March 3 (Bloomberg) -- Isolagen Inc., a biotechnecnology . . . . company developing therapies to treat the skin and gums, said a . . . . late-stage study showed the company's injectable treatment was . . . . safe and effective in reducing wrinkles and scars. . . . . The Isolagen Process may be available in the U.S. by 2005 if . . . . approved by the U.S. Food and Drug Administration, the Houstonbase. . . . . . . . 03/03/04 $8.850 2.91% 454,300 Dow Jones News Service Isolagen Announces Positive Results In Phase III Study 03/03/04 $8.850 2.91% 454,300 Market News Publishing ISOLAGEN INC - ILE - Positive Results for Autologous Cellular Ther Isolagen, Inc. (ILE) announced that the initial portion of a Phase  us (a patient's own) cellular therapy for hard and soft tissue reg rocess") is complete and the results indicate ... 03/03/04 $8.850 2.91% 454,300 PR Newswire (U.S.) Isolagen Announces Positive Results in Phase III Study; Emerging S Own Cells to Treat Facial Wrinkles/Scars  HOUSTON, March 3 /PRNewswire-FirstCall/ -- Isolagen, Inc. , a spec ny specializing in the development and commercialization of autolo lular therapy for hard and soft tissue regeneration ... 03/03/04 $8.850 2.91% 454,300 Reuters News Isolagen says wrinkle therapy seems effective  NEW YORK, March 3 (Reuters) - Isolagen, Inc. (ILE.A) on Wednesday  ing wrinkles with an injection of the patient's own cells proved e rtion of a late-stage trial, giving the company ... 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 111 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 2  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/03/04 $8.850 2.91% 454,300 Reuters Significant Dev.. Isolagen, Inc. Announces Positive Results in Phase III Study ..  Date Announced: 20040303 Isolagen, Inc. announced that the initial  study is complete and the results indicate statistically that the  ffective. Early results show an efficacy of 77% with ... 03/03/04 $8.850 2.91% 454,300 SEC Filing Form 8-K 03/04/04 $8.600 ( 2.82%) 141,000 BIOWORLD Today OTHER NEWS TO NOTE  Advancis Pharmaceutical Corp., of Germantown, Md., and Par Pharmac lley, N.J., signed a letter of intent to develop and market a low- oxicillin, using Advancis' Pulsys technology. They ... 03/04/04 $8.600 ( 2.82%) 141,000 Blood Weekly Oral Health; Company announces positive results in phase I dental  2004 MAR 4 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), a  specializing in the development and commercialization of autologou lar therapy for hard and soft tissue regeneration ... 03/04/04 $8.600 ( 2.82%) 141,000 Gene Therapy Weekly Oral Health; Company announces positive results in phase I dental  2004 MAR 4 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), a  specializing in the development and commercialization of autologou lar therapy for hard and soft tissue regeneration ... 03/05/04 $9.230 7.33% 395,100 Drug Week Oral Health; Company announces positive results in phase I dental  2004 MAR 5 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), a  specializing in the development and commercialization of autologou lar therapy for hard and soft tissue regeneration ... 03/05/04 $9.230 7.33% 395,100 Genomics & Genetics Wee.. Oral Health; Company announces positive results in phase I dental  2004 MAR 5 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), a  specializing in the development and commercialization of autologou lar therapy for hard and soft tissue regeneration ... 03/08/04 $9.970 8.02% 426,800 Evening Herald Grow yourself a younger-looking face 03/09/04 $9.400 ( 5.72%) 60,400 03/10/04 $9.240 ( 1.70%) 51,900 03/11/04 $9.510 2.92% 46,100 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 112 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 3  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/12/04 $10.000 5.15% 143,200 03/14/04 . . . Sunday Mail, The Skin repairs itself for lasting result 03/15/04 $10.490 4.90% 81,900 BioWorld Financial Watc.. Securities Exchange Act of 1934; Order Suspending the Operation of 03/16/04 $10.000 ( 4.67%) 200,600 03/17/04 $9.990 ( 0.10%) 67,900 03/18/04 $9.890 ( 1.00%) 72,400 Brisbane News BEAUTY, HEALTH & FITNESS  STUDIO TAN Winning the spray-tanning game is Studio Tan's exclusiv which employs a remarkable tanning technology that delivers a perf g, golden-brown tan in less than 60 seconds. 03/19/04 $10.200 3.13% 58,100 03/22/04 $9.750 ( 4.41%) 76,200 Clinical Trials Week Periodontal Health; Company announces additional results in phase  2004 MAR 22 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  y specializing in the development and commercialization of autolog ard and soft tissue regeneration ("the Isolagen ... 03/22/04 $9.750 ( 4.41%) 76,200 Health & Medicine Week Periodontal Health; Company announces additional results in phase  2004 MAR 22 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  y specializing in the development and commercialization of autolog ard and soft tissue regeneration ("the Isolagen ... 03/23/04 $10.000 2.56% 138,300 03/24/04 $9.800 ( 2.00%) 79,900 Biotech Week Isolagen, Inc. Company announces additional results in phase I den 2004 MAR 24 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  y specializing in the development and commercialization of autolog ard and soft tissue regeneration ("the Isolagen ... 03/25/04 $9.990 1.94% 76,600 Blood Weekly Periodontal Health; Company announces additional results in phase  2004 MAR 25 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  y specializing in the development and commercialization of autolog ard and soft tissue regeneration ("the Isolagen ... 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 113 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 4  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/25/04 $9.990 1.94% 76,600 Gene Therapy Weekly Periodontal Health; Company announces additional results in phase  2004 MAR 25 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  y specializing in the development and commercialization of autolog ard and soft tissue regeneration ("the Isolagen ... 03/26/04 $10.190 2.00% 68,300 Drug Week Periodontal Health; Company announces additional results in phase  2004 MAR 26 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  y specializing in the development and commercialization of autolog ard and soft tissue regeneration ("the Isolagen ... 03/26/04 $10.190 2.00% 68,300 Genomics & Genetics Wee.. Periodontal Health; Company announces additional results in phase  2004 MAR 26 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  y specializing in the development and commercialization of autolog ard and soft tissue regeneration ("the Isolagen ... 03/26/04 $10.190 2.00% 68,300 Manchester Evening News Holding back the y-ears 03/29/04 $11.000 7.95% 178,000 Biotech Business Week Cosmetic Surgery; Positive results reported in phase III autologou 2004 MAR 29 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  company specializing in the development and commercialization of a n) cellular therapy for hard and soft tissue ... 03/29/04 $11.000 7.95% 178,000 Clinical Trials Week Cosmetic Surgery; Positive results reported in phase III autologou 2004 MAR 29 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  company specializing in the development and commercialization of a n) cellular therapy for hard and soft tissue ... 03/29/04 $11.000 7.95% 178,000 Dow Jones News Service AMEX New 52-Week Highs And Lows 03/29/04 $11.000 7.95% 178,000 Health & Medicine Week Cosmetic Surgery; Positive results reported in phase III autologou 2004 MAR 29 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  company specializing in the development and commercialization of a n) cellular therapy for hard and soft tissue ... 03/29/04 $11.000 7.95% 178,000 Hematology Week Cosmetic Surgery; Positive results reported in phase III autologou 2004 MAR 29 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  company specializing in the development and commercialization of a n) cellular therapy for hard and soft tissue ... 03/29/04 $11.000 7.95% 178,000 Pharma Business Week Cosmetic Surgery; Positive results reported in phase III autologou 2004 MAR 29 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 114 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 5  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ company specializing in the development and commercialization of a n) cellular therapy for hard and soft tissue ... 03/29/04 $11.000 7.95% 178,000 SEC Filing Form 10-K 03/30/04 $11.580 5.27% 313,300 Dow Jones News Service AMEX New 52-Week Highs And Lows 03/31/04 $11.790 1.81% 167,000 Biotech Week Isolagen, Inc. Positive results reported in phase III autologous c 2004 MAR 31 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE),  company specializing in the development and commercialization of a n) cellular therapy for hard and soft tissue ... 04/01/04 $11.740 ( 0.42%) 130,600 Blood Weekly Cosmetic Surgery; Positive results reported in phase III autologou 2004 APR 1 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), a  company specializing in the development and commercialization of a ) cellular therapy for hard and soft tissue ... 04/01/04 $11.740 ( 0.42%) 130,600 Chief Executive Burying the Past 04/01/04 $11.740 ( 0.42%) 130,600 Stock Diagnostics ISOLAGEN INC - Cash Flow from Operations for Isolagen Reaches Two  CashFlowNews.com reports that negative Cash Flow from Operations f for its quarter ended December 31, 2003 was $(3,026,229), a 78% de earlier same quarter when Isolagen generated ... 04/01/04 $11.740 ( 0.42%) 130,600 Stock Diagnostics ISOLAGEN INC - Free Cash Flow for Isolagen Improves 2.0.09..  CashFlowNews.com reports that negative Free Cash Flow for Isolagen  arter ended December 31, 2003 was $(3,075,838), a 2.9% improvement  e quarter when Isolagen generated $(3,167,088) in ... 04/01/04 $11.740 ( 0.42%) 130,600 Stock Diagnostics ISOLAGEN INC - OPS Rating of "8" for Isolagen Reiterated by StockD04/01/04 $11.740 ( 0.42%) 130,600 The New York Times Dow and Nasdaq Record First Quarterly Losses in a Year  Stocks fell yesterday, leaving the Dow Jones industrial average an ex with their first quarterly losses in a year, after disappointin s and business conditions in the Midwest raised fears ... 04/02/04 $12.040 2.56% 191,400 Dow Jones News Service AMEX New 52-Week Highs And Lows 04/02/04 $12.040 2.56% 191,400 Drug Week Cosmetic Surgery; Positive results reported in phase III autologou 2004 APR 2 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE), a 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 115 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 6  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ company specializing in the development and commercialization of a ) cellular therapy for hard and soft tissue ... 04/03/04 . . . The Daily Telegraph BODY BEAUTIFUL Your guide to make-up and more. This week: pores ..  For people who are obsessive about their skin, pores are a big iss - let's call her Lydia - who had tried a new and extreme beauty tr The pounds 2,500 undertaking involved slicing a tiny bit ... 04/05/04 $11.870 ( 1.41%) 112,700 Bloomberg . . . . . . . . BN Isolagen Plans to Sell Shares on London's AIM, Independent Says . . . . Apr 5 2004 21:46 . . . . By Svenja O'Donnell . . . . April 6 (Bloomberg) -- Isolagen Inc., which has developed a . . . . wrinkle treatment from human skin cells to compete with Allergan . . . . Inc's Botox, may start selling shares on the London stock market, . . . . the Independent said, citing Bob Sexauer, vice-president of . . . . Isolagen'e European operations. . . . . The company, valued at about $300 million, already trades . . . . shares in New York, the paper said. Isolagen is seeking a . . . . . . . . 04/05/04 $11.870 ( 1.41%) 112,700 Dow Jones News Service AMEX New 52-Week Highs And Lows 04/05/04 $11.870 ( 1.41%) 112,700 Stock Diagnostics ISOLAGEN INC - EBITDA for Isolagen Reaches Two Year Low  CashFlowNews.com reports that negative EBITDA for Isolagen Inc (AM ded December 31, 2003 was $(3,338,944), a 44% deterioration over t er when Isolagen generated $(2,319,565) in negative ... 04/06/04 $11.200 ( 5.64%) 84,000 Citywire Tuesday Paper Round - bid news and gossip  Bid news and gossip from today's press, including Chorion catching  ds $88 million navy radar support contract; BAE Systems to buy STI  s for $27 million * Chorion announces tie-up with ... 04/06/04 $11.200 ( 5.64%) 84,000 The Independent - Londo.. US developer of rival to Botox plans UK share issue 04/07/04 $11.510 2.77% 157,000 04/08/04 $11.380 ( 1.13%) 78,100 04/12/04 $11.000 ( 3.34%) 44,300 04/13/04 $10.100 ( 8.18%) 168,400 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 7  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________04/14/04 $10.000 ( 0.99%) 134,000 04/15/04 $10.000 0.00% 101,100 04/16/04 $9.820 ( 1.80%) 107,500 04/19/04 $9.990 1.73% 29,600 04/20/04 $9.800 ( 1.90%) 33,600 04/21/04 $9.590 ( 2.14%) 86,700 04/22/04 $9.600 0.10% 120,500 The Sydney Morning Hera.. The Race Against Time  Quick and easy facial makeovers are driving a boom in plastic surg If Snow White's wicked stepmother were around today she probably w to murder when her magic mirror failed to nominate ... 04/23/04 $9.500 ( 1.04%) 126,300 SEC Filing Form 8-K 04/26/04 $9.000 ( 5.26%) 198,500 04/27/04 $8.750 ( 2.78%) 132,000 04/28/04 $8.990 2.74% 102,200 Dow Jones Corporate Fil.. Isolagen Registers 8M Shares To Fund Expansion 04/28/04 $8.990 2.74% 102,200 Dow Jones Corporate Fil.. CFA Late Summary Of Small-Cap Headlines 04/28/04 $8.990 2.74% 102,200 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE EVENING'S TOP NEWS 04/28/04 $8.990 2.74% 102,200 Dow Jones News Service Isolagen Announces Proposed Public Offering Of 7M Shrs Of Common S04/28/04 $8.990 2.74% 102,200 PR Newswire (U.S.) Isolagen, Inc. Announces Proposed Public Offering of 7,000,000 Sha HOUSTON, April 28 /PRNewswire-FirstCall/ -- Isolagen, Inc. today a o publicly offer 7,000,000 shares of its common stock pursuant to  filed with the Securities and Exchange Commission, ... 04/28/04 $8.990 2.74% 102,200 Reuters Significant Dev.. Isolagen, Inc. Announces Proposed Public Offering of 7,000,000 Sha Date Announced: 20040428 Isolagen, Inc. announced that it intends  0 shares of its common stock pursuant to its registration statemen

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 8  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ s and Exchange Commission, which has not yet become ... 04/28/04 $8.990 2.74% 102,200 SEC Filing Form 10-K/A 04/28/04 $8.990 2.74% 102,200 SEC Filing Form 8-K 04/28/04 $8.990 2.74% 102,200 SEC Filing Form DEF14A 04/28/04 $8.990 2.74% 102,200 SEC Filing Form S-3 04/28/04 $8.990 2.74% 102,200 Sheffield Star New age men who can't face the prospect of being a wrinkly  Youth-obsessed celebs and professionals in London and Australia ar now you can too. Developers of the latest ground-breaking wrinkle- rought their facial rejuvenation service to Sheffield. ... 04/29/04 $8.890 ( 1.11%) 133,000 FD (FAIR DISCLOSURE) WI.. Q1 2004 Anika Therapeutics Earnings Conference Call - Final  OPERATOR: Good morning my name is Tracy, and I will be your confer this time, I would like to welcome everyone to the Anika Therapeut rnings Conference Call. All lines have been placed on ... 04/29/04 $8.890 ( 1.11%) 133,000 SEC News Digest SECURITIES ACT REGISTRATIONS  The following registration statements have been filed with the SEC  of 1933. The reported information appears as follows: Form, Name,  if available) of the issuer of the security; Title and ... 04/30/04 $8.900 0.11% 66,500 BIOWORLD Today OTHER NEWS TO NOTE  AEterna Laboratories Inc., of Quebec City, and its wholly owned su orted statistically significant positive results from a recently c designed to evaluate cetrorelix in three different ... 04/30/04 $8.900 0.11% 66,500 Business Wire Stanislaw R. Burzynski M.D. Ph  HOUSTON - (BUSINESS WIRE) - April 30, 2004 - Stanislaw R. Burzynsk CEO of the Burzynski Clinic (SRB) and Chairman of the Burzynski Re ds three positions to strengthen management and enhance ... 04/30/04 $8.900 0.11% 66,500 Express and Echo A helping hand with looking good  Tina Sloan filled a noticeable gap in the market when she set up h advisory clinic in Britain seven years ago. Now, with clinics esta ntry, Rejuvenescence provides a valuable service for ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 9  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/01/04 . . . The BBI Newsletter Emerging aesthetic technologies require marketing finesse  Mark Taylor, MD, medical director at Gateway Aesthetic Institute a City, Utah), is excited about the OmniLux Blue from Alderm (Irvine s this light emitting diode (LED) device in various ... 05/03/04 $8.700 ( 2.25%) 83,800 05/04/04 $8.840 1.61% 50,800 05/05/04 $8.800 ( 0.45%) 75,000 05/06/04 $8.850 0.57% 39,800 05/07/04 $8.800 ( 0.56%) 74,600 05/10/04 $8.900 1.14% 85,700 BioWorld Financial Watc.. Public financing of biotechnology: April 2004 05/11/04 $8.900 0.00% 41,400 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE EVENING'S TOP NEWS 05/11/04 $8.900 0.00% 41,400 Knobias ISOLAGEN INC - ILE: Positive Study for Peridontal Disease Treatmen Isolagen, Inc. (ILE) announced that it has completed its analysis  clinical trial for the treatment of periodontal disease. That anal tion of the x-ray results of patients who received ... 05/11/04 $8.900 0.00% 41,400 PR Newswire (U.S.) Isolagen Completes Phase I Dental Study and Begins Phase II Dental  HOUSTON, May 11 /PRNewswire-FirstCall/ -- Isolagen, Inc. today ann ed its analysis of the data of the Phase I clinical trial for the  isease. That analysis included the examination of the ... 05/11/04 $8.900 0.00% 41,400 Reuters Significant Dev.. Isolagen, Inc. Completes Phase I Dental Study and Begins Phase II  Date Announced: 20040511 Isolagen, Inc. announced that it has comp data of the Phase I clinical trial for the treatment of periodonta ncluded the examination of the x-ray results of ... 05/12/04 $8.620 ( 3.15%) 456,800 BIOWORLD Today OTHER NEWS TO NOTE  AmpliMed Corp., of Tucson, Ariz., raised $9.25 million after compl ed stock offering. Last September, the company said it raised $5 m Valley Ventures III LP led the financing, with added ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 10  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/12/04 $8.620 ( 3.15%) 456,800 Dow Jones Corporate Fil.. Isolagen Inc 1Q Loss 18c A Share  DJ CFA SOURCE:SEC 10-Q QUARTER ENDED: 03/31/2004 SEC RECEIVED: 05/ nes)--The following table includes select financial information fo rst quarter ended March 31, as ... 05/12/04 $8.620 ( 3.15%) 456,800 Dow Jones Corporate Fil.. CFA Late Summary Of Small-Cap Headlines 05/12/04 $8.620 ( 3.15%) 456,800 SEC Filing Form 10-Q 05/12/04 $8.620 ( 3.15%) 456,800 SEC Filing Form 8-K 05/13/04 $8.440 ( 2.09%) 52,600 05/14/04 $8.620 2.13% 74,400 05/17/04 $8.640 0.23% 47,200 SEC Filing Form S-3/A 05/18/04 $8.700 0.69% 123,100 05/19/04 $8.520 ( 2.07%) 64,900 Brisbane News BEAUTY, HEALTH & FITNESS 05/20/04 $8.490 ( 0.35%) 79,600 05/21/04 $8.400 ( 1.06%) 38,800 05/23/04 . . . Dow Jones News Service FDA Approves Isolagen's Request For Special Protocol Assessment  HOUSTON (Dow Jones)--Isolagen Inc. (ILE) said the Food and Drug Ad company's request for a special protocol assessment, or SPA, relat s using its Isolagen Process to treat nasolabial folds ... 05/23/04 . . . PR Newswire (U.S.) FDA Approves Isolagen's Request for Special Protocol Assessment  HOUSTON, May 23 /PRNewswire-FirstCall/ -- Isolagen, Inc. today ann and Drug Administration, or FDA, has approved Isolagen's request f ssment, or SPA, relating to the design of two pivotal ... 05/23/04 . . . Press Release (Chemical.. FDA approves Isolagen's request for Special Protocol Assessment  Isolagen Inc announced that the US Food and Drug Administration (F 's request for a Special Protocol Assessment, relating to the desi I clinical trials to be conducted by Isolagen in support ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 11  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/23/04 . . . Reuters News Isolagen in FDA agreement on clinical trials  NEW YORK, May 23 (Reuters) - Isolagen (ILE.A), a biotechnology fir apy for hard and soft tissue regeneration, said on Sunday it had r he U.S. Food and Drug Administration relating to two ... 05/24/04 $8.540 1.67% 70,800 Dow Jones News Service FDA OKs Isolagen's Request For Special Protocol Assessment 05/24/04 $8.540 1.67% 70,800 MidnightTrader ILE Gets FDA Okay for Special Protocol Assessment  Boston, May 24, 2004 (MidnightTrader via COMTEX) -- Isolagen (ILE)  oval for a Special Protocol Assessment relating to the design of t cal trials conducted by ILE to support registration of ... 05/24/04 $8.540 1.67% 70,800 Reuters Significant Dev.. FDA Approves Isolagen, Inc.'s Request for Special Protocol Assessm Date Announced: 20040524 Isolagen, Inc. announced that the U.S. Fo , or FDA, has approved Isolagen's request for a Special Protocol A g to the design of two pivotal Phase III clinical ... 05/24/04 $8.540 1.67% 70,800 SEC Filing Form 8-K 05/25/04 $8.560 0.23% 77,000 BIOWORLD Today OTHER NEWS TO NOTE  Advancis Pharmaceutical Corp., of Germantown, Md., said data on th of Streptococcus pneumoniae cultures grown under laboratory condit t as to why repeated pulses of antibiotic cause the ... 05/26/04 $8.500 ( 0.70%) 49,000 05/27/04 $8.550 0.59% 31,000 05/28/04 $8.820 3.16% 78,300 06/01/04 $8.750 ( 0.79%) 180,400 Skin & Allergy News More data needed to flesh out fillers' performance.(Dermatologic S06/02/04 $8.710 ( 0.46%) 30,500 06/03/04 $8.920 2.41% 25,400 06/04/04 $8.710 ( 2.35%) 117,200 06/07/04 $9.350 7.35% 104,100 BioWorld Financial Watc.. Public financing of biotechnology: May 2004 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 12  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________06/07/04 $9.350 7.35% 104,100 Business Wire Medical Insight's Global Aesthetic Market Study Highlights New Bus MISSION VIEJO, Calif. - (BUSINESS WIRE) - June 7, 2004 - The boomi ket is generating a wide array of new business development opportu research report released by Medical Insight, Inc. this ... 06/07/04 $9.350 7.35% 104,100 Dow Jones News Service Isolagen's Shareholder Meeting To Be Adjourned And Reconvened At A 06/07/04 $9.350 7.35% 104,100 Health & Medicine Week Periodontal Disease; Autologous cellular therapy company completes  ins II  2004 JUN 7 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) an ted its analysis of the data of the phase I clinical trial for the  disease. 06/07/04 $9.350 7.35% 104,100 PR Newswire (U.S.) Isolagen's Shareholder Meeting to Be Adjourned and Reconvened at a  HOUSTON, June 7 /PRNewswire-FirstCall/ -- Isolagen, Inc. today ann t its shareholders meeting scheduled for June 10, 2004 will be adj being taken. Several members of key management will not ... 06/07/04 $9.350 7.35% 104,100 SEC Filing Form 8-K 06/08/04 $9.010 ( 3.64%) 108,800 Dow Jones News Service Friday's Stk Mkt Close Prompts Changes In Stock Offerings  NEW YORK (Dow Jones)--The closing of U.S. financial markets Friday  ent Reagan's funeral prompted several companies to amend the dates  nally scheduled for Thursday night, according to the ... 06/08/04 $9.010 ( 3.64%) 108,800 SEC Filing Form S-3/A 06/09/04 $8.950 ( 0.67%) 220,500 Biotech Week Isolagen, Inc. Autologous cellular therapy company completes phase  ..  2004 JUN 9 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) an ted its analysis of the data of the phase I clinical trial for the  disease. 06/09/04 $8.950 ( 0.67%) 220,500 Dow Jones News Service Isolagen 7M-Shr Offering Priced At $8.50/Shr ..  NEW YORK (Dow Jones)--Isolagen Inc.'s (ILE) secondary offering of  $8.50 a share. Gross spread was 51 cents, the selling concession w he management and underwriting fees were 10.2 cents. ... 06/10/04 $8.970 0.22% 1,930,900 Bloomberg . . . . . . . . BN Isolagen Inc's Additional 7 Mln Common Shares Priced At 8.50 . . . . Jun 10 2004 7:46 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 13  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . June 10 (Bloomberg) -- Following are the details from Isolagen Inc. . . . additionaloffering of 7 million common shares at a price of 8.50. . . . . Company: Isolagen Inc . . . . Lead Manager: CIBC World Markets . . . . Common: 7 million . . . . Price: $8.50 . . . . Amount: $59.5 million . . . . Gross Spread: $.51 . . . . . . . . 06/10/04 $8.970 0.22% 1,930,900 Dow Jones News Service Isolagen, Inc. Announces Pricing Of Follow-On Offering .. 06/10/04 $8.970 0.22% 1,930,900 Knobias ISOLAGEN INC - ILE: Prices 7M Share Follow-On Offering at $8.50 pe Isolagen Inc (AMEX: ILE) announced the pricing of its follow-on of of common stock at a price of $8.50 per share. The gross proceeds  59.5 million. Isolagen is selling all of the shares in ... 06/10/04 $8.970 0.22% 1,930,900 MidnightTrader ILE Drops, Prices 7 Mln Shares at $8.50 Each in Follow-on Offering  Boston, Jun 10, 2004 (MidnightTrader via COMTEX) -- Isolagen (ILE)  arket trade after the company priced 7 million shares in a follow- e, below the current market price. 06/10/04 $8.970 0.22% 1,930,900 PR Newswire (U.S.) Isolagen, Inc. Announces Pricing of Follow-On Offering ..  HOUSTON, June 10 /PRNewswire-FirstCall/ -- Isolagen, Inc. today an follow-on offering of 7,000,000 shares of common stock at a price  ross proceeds of the offering will be $59.5 million. ... 06/10/04 $8.970 0.22% 1,930,900 Reuters Significant Dev.. Isolagen, Inc. Announces Pricing of Follow-On Offering ..  Date Announced: 20040610 Isolagen, Inc. announced the pricing of i ,000,000 shares of common stock at a price of $8.50 per share. The  ering will be $59.5 million. Isolagen is selling all of ... 06/10/04 $8.970 0.22% 1,930,900 SEC Filing Form 424B4 06/10/04 $8.970 0.22% 1,930,900 SEC Filing Form 8-K 06/11/04 . . . BIOWORLD Today ISOLAGEN OFFERING RAISES $59.5M FOR AUTOLOGOUS CELLULAR THERAPIES.  Byline: Karen Pihl-Carey, Staff Writer Tissue-regeneration company  $59.5 million in a follow-on offering Thursday, leaving it with wr pivotal trials and bring its lead anti-aging product to ... 06/11/04 . . . Drug Week Periodontal Disease; Autologous cellular therapy company completes  ins II  2004 JUN 11 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 14  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ eted its analysis of the data of the phase I clinical trial for th disease. 06/12/04 . . . Obesity, Fitness & Well.. Periodontal Disease; Autologous cellular therapy company completes  ins II  2004 JUN 12 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a eted its analysis of the data of the phase I clinical trial for th disease. 06/14/04 $9.100 1.45% 510,600 BioWorld Financial Watc.. Clinical trials update: May 2004 06/14/04 $9.100 1.45% 510,600 BioWorld Financial Watc.. FDA submissions, approvals and other actions: May 2004 06/14/04 $9.100 1.45% 510,600 BioWorld Week Isolagen gets $59.5m to fund product launches.(Friday, June 11)(Br Tissue-regeneration company Isolagen Inc. brought in $59.5 million  une 10, leaving it with wrinkle-free plans to begin pivotal trials  ging product to the market. The Houston-based company ... 06/15/04 $9.180 0.88% 398,300 06/16/04 $8.980 ( 2.18%) 291,700 Brisbane News BEAUTY HEALTH & FITNESS  COZMEDICS A revolutionary cosmetic process has arrived in Australi ul appearance and turn back time - Isolagen. Isolagen is a skin an tment that uses a patient's own skin cells to repair ... 06/16/04 $8.980 ( 2.18%) 291,700 Knobias ISOLAGEN INC - ILE: Completes $61.2 Million Offering ..  Isolagen, Inc. (ILE) announced that it has completed the sale of 7 mon stock. The Company also announced that the underwriters exerci ion in full, which resulted in the sale and issuance of ... 06/16/04 $8.980 ( 2.18%) 291,700 PR Newswire (U.S.) Isolagen, Inc. Announces Exercise of Over-Allotment Option in Full  ffering ..  HOUSTON, June 16 /PRNewswire-FirstCall/ -- Isolagen, Inc. today an he sale of 7,000,000 shares of its common stock underwritten by CI gg Mason Wood Walker, Incorporated, and Adams, Harkness ... 06/16/04 $8.980 ( 2.18%) 291,700 Reuters Significant Dev.. Isolagen, Inc. Announces Exercise of Over-Allotment Option in Full  ffering ..  Date Announced: 20040616 Isolagen, Inc. announced that it has comp 0 shares of its common stock underwritten by CIBC World Markets Co r, Incorporated, and Adams, Harkness & Hill, Inc. ... 06/16/04 $8.980 ( 2.18%) 291,700 SEC Filing Form 8-K 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 15  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________06/17/04 $9.250 3.01% 188,600 BIOWORLD Today OTHER NEWS TO NOTE  Accelrys Inc., of San Diego, formed an exclusive agreement with Bo ute two new software methods for studying protein-protein docking,  rithms help scientists understand the action of proteins ... 06/18/04 $9.070 ( 1.95%) 213,700 CIBC World Markets ILE: ERRATUM: The Face You Save May Be Your Own -- Initiating With 06/21/04 $9.610 5.95% 756,700 Adams Harkness, Inc. ILE: Initiating coverage of Underfollowed story in attractive grow06/21/04 $9.610 5.95% 756,700 Bloomberg . . . . . . . . BN Isolagen Rated New `Strong Buy' at Adams, Harkness :ILE US . . . . Jun 21 2004 10:31 . . . . Princeton, New Jersey, June 21 (Bloomberg Data) -- Isolagen Inc. (. . . . US) was rated new ``strong buy'' in new coverage by analyst Jayson . . . . Adams, Harkness & Hill. The 12-month price target is $14.00 per sh. . . . --Sybil Chahbandour in Princeton, New Jersey, (+1)609-279-3615. . . . . 06/21/04 $9.610 5.95% 756,700 Bloomberg . . . . BN Isolagen Rated New `Sector Outperform' at CIBC :ILE US . . . . Jun 21 2004 8:29 . . . . Princeton, New Jersey, June 21 (Bloomberg Data) -- Isolagen Inc. (. . . . US) was rated new ``sector outperform'' in new coverage by analyst . . . . Calcagnini at CIBC World Markets. The price target is $17.00 per s. . . . --Sybil Chahbandour in Princeton, New Jersey, (+1)609-279-3615. . . . . 06/21/04 $9.610 5.95% 756,700 Bloomberg . . . . BN Isolagen Rated New `Buy' at Legg Mason :ILE US . . . . Jun 21 2004 8:23 . . . . Princeton, New Jersey, June 21 (Bloomberg Data) -- Isolagen Inc. (. . . . US) was rated new ``buy'' in new coverage by analyst John Woolford . . . . Mason Wood Walker Inc. The price target is $13.00 per share. . . . . --Michael O. Donohue in Princeton, New Jersey, (+1)609-279-3756. . . . . 06/21/04 $9.610 5.95% 756,700 CIBC World Markets CIBC Early Edition Morning Research Summary 06/21/04 $9.610 5.95% 756,700 Health & Medicine Week Tissue Regeneration; FDA issues special protocol assessment approv 2004 JUN 21 - (NewsRx.com & NewsRx.net) -- Biotechnology company I U.S. Food and Drug Administration (FDA) approved the company's req ol Assessment (SPA) relating to the design of two ... 06/21/04 $9.610 5.95% 756,700 Legg Mason Wood Walker Initiating Coverage with Buy/High Risk Ratings 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 16  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________06/22/04 $10.600 10.30% 848,300 CIBC World Markets Changes In SRS Focus List 06/23/04 $10.740 1.32% 644,000 Biotech Week Isolagen, Inc FDA issues special protocol assessment approval  2004 JUN 23 - (NewsRx.com & NewsRx.net) -- Biotechnology company I U.S. Food and Drug Administration (FDA) approved the company's req ol Assessment (SPA) relating to the design of two ... 06/23/04 $10.740 1.32% 644,000 CIBC World Markets CIBC WM Early Edition Morning Research Summary 06/24/04 $10.540 ( 1.86%) 345,200 06/25/04 $10.350 ( 1.80%) 1,046,500 Drug Week Tissue Regeneration; FDA issues special protocol assessment approv 2004 JUN 25 - (NewsRx.com & NewsRx.net) -- Biotechnology company I U.S. Food and Drug Administration (FDA) approved the company's req ol Assessment (SPA) relating to the design of two ... 06/26/04 . . . Obesity, Fitness & Well.. Tissue Regeneration; FDA issues special protocol assessment approv 2004 JUN 26 - (NewsRx.com & NewsRx.net) -- Biotechnology company I U.S. Food and Drug Administration (FDA) approved the company's req ol Assessment (SPA) relating to the design of two ... 06/27/04 . . . Medical Letter on the C.. Tissue Regeneration; FDA issues special protocol assessment approv 2004 JUN 27 - (NewsRx.com & NewsRx.net) -- Biotechnology company I U.S. Food and Drug Administration (FDA) approved the company's req ol Assessment (SPA) relating to the design of two ... 06/28/04 $10.340 ( 0.10%) 187,900 06/29/04 $10.300 ( 0.39%) 360,900 Dow Jones News Service Isolagen Joins Russell 3000 Index 06/29/04 $10.300 ( 0.39%) 360,900 PR Newswire (U.S.) Isolagen Joins Russell 3000 Index  HOUSTON, June 29 /PRNewswire-FirstCall/ -- Isolagen, Inc. , announ cted for inclusion by the Russell 3000(R) Index when the broad-mar d June 25, 2004. Membership in the Russell 3000 means ... 06/29/04 $10.300 ( 0.39%) 360,900 SEC Filing Form 8-K 06/30/04 $10.280 ( 0.19%) 521,900 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 17  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/01/04 $10.100 ( 1.75%) 331,900 Adams Harkness, Inc. ILE: Q3 Best Pick 07/01/04 $10.100 ( 1.75%) 331,900 Biomedical Materials Isolagen completes Phase I dental study with good results; Phase I Alert)  One of the most difficult problems in modern dentistry is how to d the tooth. This is the challenge that US company Isolagen Inc, bas acing in its continuing clinical trials for the ... 07/01/04 $10.100 ( 1.75%) 331,900 Family Practice News Many new fillers, but few data to back them; cosmetic dermatology. 07/01/04 $10.100 ( 1.75%) 331,900 PR Newswire (U.S.) Isolagen Announces Information Regarding Its Annual Shareholder Me HOUSTON, July 1 /PRNewswire-FirstCall/ -- Isolagen, Inc. , announc d 2004 annual shareholders' meeting has been scheduled to reconven 4 at 10:00 a.m., Houston time at the Houstonian Hotel, ... 07/01/04 $10.100 ( 1.75%) 331,900 PR Newswire (U.S.) PR Newswire National Summary, Thursday, July 1, Midnight to 10 am  Following is a summary of news releases transmitted between midnig ire. The full text of these releases is available at the PR Newswi /media.prnewswire.com/. 07/01/04 $10.100 ( 1.75%) 331,900 SEC Filing Form 8-K 07/02/04 $10.150 0.50% 172,500 07/04/04 . . . Corporate Financing Wee.. Biotech Does $750 Million Follow On  Isolagen, a biotech company that produces an eponymous cosmetic pr ares in a follow-on offering that ended on June 15. The total numb e to the public was 8.05 million, which included 850,000 ... 07/06/04 $9.600 ( 5.42%) 251,500 Adams Harkness, Inc. ISOLAGEN, INC. - INITIATING COVERAGE 07/06/04 $9.600 ( 5.42%) 251,500 Legg Mason Wood Walker ISOLAGEN, INC. 07/07/04 $9.470 ( 1.35%) 287,400 CIBC World Markets ILE: Channel Checks Suggest Second Quarter in Good Shape 07/07/04 $9.470 ( 1.35%) 287,400 PR Newswire (U.S.) Biotech Raises Nearly $15 Billion in First Half of 2004, turning i biotech is poised for an excellent year  SAN FRANCISCO, July 7 /PRNewswire/ -- "In the history of the biote spects for long term success have never been greater," stated G. S ill & Company, a San Francisco-based life sciences ... 07/08/04 $9.230 ( 2.53%) 230,200 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 18  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/09/04 $9.630 4.33% 232,200 Adams Harkness, Inc. New Paradigm in Facial Aesthetics 07/09/04 $9.630 4.33% 232,200 Legg Mason Wood Walker Isolagen, Inc. 07/12/04 $9.600 ( 0.31%) 137,700 BioWorld Financial Watc.. Public financing of biotechnology: June 2004 07/13/04 $9.750 1.56% 179,400 07/14/04 $9.460 ( 2.97%) 180,800 07/15/04 $9.170 ( 3.07%) 91,900 07/16/04 $9.140 ( 0.33%) 136,200 07/19/04 $8.600 ( 5.91%) 297,300 Biotech Business Week Business & Finance; Cellular-therapy company completes stock offer 2004 JUL 19 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h ,000,000 shares of its common stock underwritten by CIBC World Mar d Walker, Inc., and Adams, Harkness & Hill, Inc. ...07/19/04 $8.600 ( 5.91%) 297,300 Health & Medicine Week Business & Finance; Cellular-therapy company completes stock offer 2004 JUL 19 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h ,000,000 shares of its common stock underwritten by CIBC World Mar d Walker, Inc., and Adams, Harkness & Hill, Inc. ...07/19/04 $8.600 ( 5.91%) 297,300 Pharma Business Week Business & Finance; Cellular-therapy company completes stock offer 2004 JUL 19 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h ,000,000 shares of its common stock underwritten by CIBC World Mar d Walker, Inc., and Adams, Harkness & Hill, Inc. ...07/20/04 $8.570 ( 0.35%) 260,800 Business Wire Medical Insight Issues First Aesthetic Industry Executive Award to  diancy, Inc.  MISSION VIEJO, Calif. - (BUSINESS WIRE) - July 20, 2004 - In recog ons to the development of the aesthetics industry, Medical Insight esthetic Buyers Guide, has initiated a series of awards ... 07/20/04 $8.570 ( 0.35%) 260,800 Cancer Weekly Business & Finance; Cellular-therapy company completes stock offer 2004 JUL 20 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h ,000,000 shares of its common stock underwritten by CIBC World Mar d Walker, Inc., and Adams, Harkness & Hill, Inc. ...

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 19  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/21/04 $8.070 ( 5.83%) 147,600 Adams Harkness, Inc. ILE: Begins Pivotal Ph. III; Expect a Strong 2Q 07/21/04 $8.070 ( 5.83%) 147,600 Biotech Week Isolagen, Inc. Cellular-therapy company completes stock offering  2004 JUL 21 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h ,000,000 shares of its common stock underwritten by CIBC World Mar d Walker, Inc., and Adams, Harkness & Hill, Inc. ...07/21/04 $8.070 ( 5.83%) 147,600 Dow Jones News Service Isolagen Begins Phase III Pivotal Trials 07/21/04 $8.070 ( 5.83%) 147,600 Knobias ISOLAGEN INC - ILE: Begins Phase III Trial for Treatment of Facial  Isolagen Inc (AMEX: ILE) announced the commencement of its Phase I n will be conducting two identical trials for the treatment of fac which will run simultaneously, each have 100 patients ... 07/21/04 $8.070 ( 5.83%) 147,600 Legg Mason Wood Walker Phase III Trials Commenced 07/21/04 $8.070 ( 5.83%) 147,600 PR Newswire (U.S.) Isolagen Begins Phase III Pivotal Trials  HOUSTON, July 21 /PRNewswire-FirstCall/ -- Isolagen, Inc. , announ s Phase III Pivotal Trials. Isolagen will be conducting two identi nt of facial wrinkles. The trials are randomized, double ... 07/21/04 $8.070 ( 5.83%) 147,600 SEC Filing Form 8-K 07/22/04 $7.860 ( 2.60%) 152,800 BIOWORLD Today OTHER NEWS TO NOTE  Abgenix Inc., of Fremont, Calif., named William Ringo CEO and pres ollowing Ray Withy's decision to step down. Ringo also will serve  thy, who remains on the company's board. Most recently, ... 07/23/04 $7.860 0.00% 152,100 Business Wire Stanislaw R. Burzynski M.D. Ph.D. Adds Staff at His Clinic and Res HOUSTON - (BUSINESS WIRE) - July 23, 2004 - Stanislaw R. Burzynski  CEO of the Burzynski Clinic (SRB) and Chairman of the Burzynski Re BB:BZYR), adds three positions to strengthen management ... 07/23/04 $7.860 0.00% 152,100 Drug Week Business & Finance; Cellular-therapy company completes stock offer 2004 JUL 23 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h ,000,000 shares of its common stock underwritten by CIBC World Mar d Walker, Inc., and Adams, Harkness & Hill, Inc. ...07/23/04 $7.860 0.00% 152,100 Market News Publishing BURZYNSKI CLINIC - Stanislaw R. Burzynski M.D. Ph.D. Adds Staff at  Research Center Stanislaw R. Burzynski M.D., Ph.D., founder and CE

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 20  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ (SRB) and Chairman of the Burzynski Research Institute (BRI), adds  then management and enhance new drug development ...07/24/04 . . . Obesity, Fitness & Well.. Business & Finance; Cellular-therapy company completes stock offer 2004 JUL 24 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h ,000,000 shares of its common stock underwritten by CIBC World Mar d Walker, Inc., and Adams, Harkness & Hill, Inc. ...07/26/04 $7.450 ( 5.22%) 254,000 BioWorld Financial Watc.. U.S. public offering performance by underwriter: Jan. 1-July 16, 207/27/04 $7.630 2.42% 150,000 07/28/04 $7.590 ( 0.52%) 169,100 Dow Jones News Service Isolagen Process Initial Phase III Six Mo Marker Data Positive 07/28/04 $7.590 ( 0.52%) 169,100 Knobias ISOLAGEN INC - ILE:Reports 6-Month Marker Data for Initial Isolage ILE released six-month marker data of the first Isolagen Process P tes a positive response in 82% of the Isolagen treated patients wh tial and ongoing study was designed to assess ... 07/28/04 $7.590 ( 0.52%) 169,100 PR Newswire (U.S.) Isolagen Process Initial Phase III Six Month Marker Data Positive  HOUSTON, July 28 /PRNewswire-FirstCall/ -- Isolagen, Inc. released  the first Isolagen Process Phase III study that indicates a positi Isolagen treated patients who were evaluated. 07/28/04 $7.590 ( 0.52%) 169,100 Reuters Significant Dev.. Isolagen, Inc.'s Process Initial Phase III Six-Month Marker Data P Date Announced: 20040728 Isolagen, Inc. announced that it has rele of the first Isolagen Process Phase III study that indicates a pos the Isolagen treated patients who were evaluated, as ... 07/28/04 $7.590 ( 0.52%) 169,100 Reuters Significant Dev.. Isolagen, Inc. Begins Phase III Pivotal Trials ..  Date Announced: 20040728 Isolagen, Inc. announced the commencement  Trials. Isolagen will be conducting two identical trials for the t s. The trials are randomized, double blind and placebo ... 07/28/04 $7.590 ( 0.52%) 169,100 SEC Filing Form 8-K 07/29/04 $7.640 0.66% 80,500 BIOWORLD Today OTHER NEWS TO NOTE  Adherex Technologies Inc., of Research Triangle Park, N.C., signed  cquire the issued and outstanding shares of Cadherin Biomedical In as a wholly owned subsidiary of Adherex, which two ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 21  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/29/04 $7.640 0.66% 80,500 PR Newswire (U.S.) Isolagen to Present at Adams Harkness 24th Annual Summer Seminar  HOUSTON, July 29 /PRNewswire-FirstCall/ -- Isolagen, Inc. announce hief Executive Officer, will be presenting at the Adams Harkness 2 on Thursday, August 5, 2004 at 3:00 PM, EDT at the ... 07/29/04 $7.640 0.66% 80,500 SEC Filing Form 8-K 07/30/04 $7.990 4.58% 96,100 08/01/04 . . . BIOTECH Patent News Isolagen granted European patent.(Brief Article) ..  Isolagen, Inc. (Houston, TX) has been granted European patent EP 0  of Autologous Dermal Fibroblasts for the Repair of Skin and Soft T he company's proprietary Isolagen Process in 17 European ... 08/02/04 $7.800 ( 2.38%) 70,100 08/03/04 $7.890 1.15% 76,900 08/04/04 $7.820 ( 0.89%) 67,800 08/05/04 $7.150 ( 8.57%) 220,100 PR Newswire (U.S.) Isolagen granted European patent  HOUSTON, Aug. 5 /PRNewswire-FirstCall/ -- Isolagen, Inc. will host  st 12, 2004 beginning at 5:00 P.M. EDT to discuss the Company's se and provide a business update. 08/05/04 $7.150 ( 8.57%) 220,100 SEC Filing Form 8-K 08/06/04 $7.350 2.80% 117,600 Federal Register Isolagen to Host Conference Call to Discuss Second Quarter 2004  The Securities and Exchange Commission ("Commission"), by this Ord t ("Pilot") suspending the provisions of Rule 10a-1(a) under the S 1934 (the "Act") *1 and any short sale price test of any ... 08/09/04 $7.200 ( 2.04%) 124,800 Business Wire Clinical trials update: February 2004  MISSION VIEJO, Calif. - (BUSINESS WIRE) - Aug. 9, 2004 - Medical I ed the launch of the European Aesthetic Buyers Guide, a unique and  ocusing solely on the exploration of new products, ... 08/10/04 $7.300 1.39% 125,700 Dow Jones Corporate Fil.. Medical Insight Announces European Aesthetic Buyers Guide Launch 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 22  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________08/11/04 $7.250 ( 0.68%) 120,800 08/12/04 $7.090 ( 2.21%) 164,200 Bloomberg . . . . BN Shares Bought and Sold From 13F Filings Reported on Aug. 11 . . . . Aug 12 2004 12:34 . . . . By Tom Laufer . . . . Aug. 12 (Bloomberg) -- The following tables summarizes 13F filings . . . . reported with the Securities and Exchange Commission on Aug. 11. T. . . . show companies' shares bought or sold with a value over one millio. . . . dollars. The tables exclude any mutual fund sales or purchases and . . . . sorted by the value bought or sold. . . . . *T . . . . 13-F Purchases . . . . . . . . 08/12/04 $7.090 ( 2.21%) 164,200 CIBC World Markets ILE: 2Q04 Solid Sequential Growth; U.S. Clinical Trials On Track 08/12/04 $7.090 ( 2.21%) 164,200 Dow Jones Corporate Fil.. Isolagen 2Q Loss 14c/Shr 08/12/04 $7.090 ( 2.21%) 164,200 Dow Jones Corporate Fil.. CFA Late Summary Of Small-Cap Headlines 08/12/04 $7.090 ( 2.21%) 164,200 FinancialWire CORPORATE FILINGS ALERT: THE EVENING'S TOP NEWS  (Distributed for Investrend Communications, Inc. via M2 Communicat st 12, 2004. (FinancialWire) ) Conference calls scheduled at 5 p.m via partner BestCalls include Altera Corp. (NASDAQ: ... 08/12/04 $7.090 ( 2.21%) 164,200 SEC Filing Form 10-Q 08/13/04 $7.390 4.23% 197,300 Adams Harkness, Inc. ILE: Strong 2Q, Visibility Looks Good 08/13/04 $7.390 4.23% 197,300 CIBC World Markets ISOLAGEN, INC. 08/13/04 $7.390 4.23% 197,300 Legg Mason Wood Walker Reports 2Q04 Results; Reiterate Buy Rating 08/14/04 . . . Birmingham Post Anne helps women to help themselves to better health Anne Taylor is on a mission. Sophie Blakemore talks to the busines e on her mind "My job is to inform women about their options and l minds," declares a dedicated and decisive Ms Taylor.08/16/04 $8.100 9.61% 120,500 Biotech Business Week Facial Contour Deformities; Positive data reported from Isolagen p tour deformities  2004 AUG 16 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) r a of the first Isolagen process phase III study assessing improvem ormities, indicating a positive response in 82% of ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 23  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________08/16/04 $8.100 9.61% 120,500 CIBC World Markets ILE: Visit To London Manufacturing Facility 08/16/04 $8.100 9.61% 120,500 Health & Medicine Week Facial Contour Deformities; Positive data reported from Isolagen p tour deformities  2004 AUG 16 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) r a of the first Isolagen process phase III study assessing improvem ormities, indicating a positive response in 82% of ... 08/16/04 $8.100 9.61% 120,500 Pharma Business Week Facial Contour Deformities; Positive data reported from Isolagen p tour deformities  2004 AUG 16 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) r a of the first Isolagen process phase III study assessing improvem ormities, indicating a positive response in 82% of ... 08/17/04 $8.130 0.37% 229,600 08/18/04 $8.160 0.37% 96,400 Biotech Week Isolagen, Inc. Positive data reported from Isolagen process study  ies  2004 AUG 18 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) r a of the first Isolagen process phase III study assessing improvem ormities, indicating a positive response in 82% of ... 08/19/04 $8.000 ( 1.96%) 77,200 08/20/04 $8.090 1.13% 57,200 Drug Week Facial Contour Deformities; Positive data reported from Isolagen p tour deformities  2004 AUG 20 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) r a of the first Isolagen process phase III study assessing improvem ormities, indicating a positive response in 82% of ... 08/21/04 . . . Obesity, Fitness & Well.. Facial Contour Deformities; Positive data reported from Isolagen p tour deformities  2004 AUG 21 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) r a of the first Isolagen process phase III study assessing improvem ormities, indicating a positive response in 82% of ... 08/23/04 $7.800 ( 3.58%) 64,000 BioWorld Financial Watc.. Clinical trials update: July 2004 08/23/04 $7.800 ( 3.58%) 64,000 Stock Diagnostics ISOLAGEN INC - Cash Flow from Operations for Isolagen Reaches Two  CashFlowNews.com reports that negative Cash Flow from Operations f for its twelve months ended June 30, 2004 was $(11,748,811), a 87%  ear earlier same twelve months when Isolagen generated ... 08/23/04 $7.800 ( 3.58%) 64,000 Stock Diagnostics ISOLAGEN INC - Isolagen's Free Cash Flow Hits Two Year Low 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 24  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ CashFlowNews.com reports that negative Free Cash Flow for Isolagen  elve months ended June 30, 2004 was $(12,337,659), a 30% deteriora same twelve months when Isolagen generated $(9,494,065) ... 08/23/04 $7.800 ( 3.58%) 64,000 Stock Diagnostics ISOLAGEN INC - OPS Rating of "8" Reiteration for Isolagen 08/24/04 $7.820 0.26% 29,800 08/25/04 $8.190 4.73% 123,300 08/26/04 $8.180 ( 0.12%) 87,400 Dow Jones News Service Isolagen Granted European Union Patent 08/26/04 $8.180 ( 0.12%) 87,400 PR Newswire (U.S.) Isolagen Granted European Union Patent  HOUSTON, Aug. 26 /PRNewswire-FirstCall/ -- Isolagen, Inc. has been  63 entitled "The Use of Autologous Dermal Fibroblasts for the Repa Defects" covering the Company's proprietary Isolagen ... 08/26/04 $8.180 ( 0.12%) 87,400 SEC Filing Form 8-K 08/27/04 $8.240 0.73% 41,700 The Indianapolis News/I.. Light fantastic 08/28/04 . . . Financial Times Slow down the ageing process - quickly: Busy women are shunning th avourchtime' cosmetic treatment. Dimi Gaidatzi reports.  As summer draws to aclose the thoughts of young (and not-so-young)  on, new clothes, and . . . a new face? Apparently so, according to  Kirwan, a pioneer of what is known as "pret-a-porter" ... 08/30/04 $8.080 ( 1.94%) 42,700 08/31/04 $8.400 3.96% 105,200 09/01/04 $8.640 2.86% 260,100 09/02/04 $8.730 1.04% 196,700 09/03/04 $8.740 0.11% 110,600 09/06/04 . . . Biotech Business Week Medical Aesthetics; Medical aesthetics guide launched  2004 SEP 6 - (NewsRx.com & NewsRx.net) -- Medical Insight, Inc., a European Aesthetic Buyers Guide, a publication focusing solely on  oducts, procedures, technologies, and trends in the ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 25  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________09/06/04 . . . Health & Medicine Week Medical Aesthetics; Medical aesthetics guide launched  2004 SEP 6 - (NewsRx.com & NewsRx.net) -- Medical Insight, Inc., a European Aesthetic Buyers Guide, a publication focusing solely on  oducts, procedures, technologies, and trends in the ... 09/06/04 . . . Pharma Business Week Medical Aesthetics; Medical aesthetics guide launched  2004 SEP 6 - (NewsRx.com & NewsRx.net) -- Medical Insight, Inc., a European Aesthetic Buyers Guide, a publication focusing solely on  oducts, procedures, technologies, and trends in the ... 09/07/04 $8.720 ( 0.23%) 134,800 Dow Jones News Service Robert J. Bitterman Appointed Isolagen Pres And CEO .. 09/07/04 $8.720 ( 0.23%) 134,800 Knobias ISOLAGEN INC - ILE: Robert Bitterman Named President & CEO  Isolagen, Inc. (ILE) announced that its BOD appointed Robert J. Bi Macaluso as President and CEO of Isolagen. Mr. Macaluso will remai , serving on its Board of Directors. 09/07/04 $8.720 ( 0.23%) 134,800 Legg Mason Wood Walker Hires New President and CEO 09/07/04 $8.720 ( 0.23%) 134,800 PR Newswire (U.S.) Robert J. Bitterman Appointed Isolagen President and CEO Former Pr Labs to Direct Global Operations, Product Development and Commerci HOUSTON, Sept. 7 /PRNewswire-FirstCall/ -- Isolagen, Inc. is pleas ard of Directors appointed Robert J. Bitterman to succeed Michael  chief executive officer of Isolagen. Mr. Macaluso will ... 09/07/04 $8.720 ( 0.23%) 134,800 Reuters News Isolagen names new president, chief executive  NEW YORK, Sept 7 (Reuters) - Isolagen Inc. (ILE.A), which speciali issue, on Tuesday named Robert J. Bitterman president and chief ex l Macaluso. 09/07/04 $8.720 ( 0.23%) 134,800 SEC Filing Form 8-K 09/08/04 $8.590 ( 1.49%) 72,000 BIOWORLD Today OTHER NEWS TO NOTE  Aeolus Pharmaceuticals Inc., of Research Triangle Park, N.C., said  any's investigational new drug application to begin Phase I trials  phic lateral sclerosis. An initial study will consist of ... 09/08/04 $8.590 ( 1.49%) 72,000 Biotech Week Medical Insight, Inc. Medical aesthetics guide launched ..  2004 SEP 8 - (NewsRx.com & NewsRx.net) -- Medical Insight, Inc., a European Aesthetic Buyers Guide, a publication focusing solely on 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 26  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ oducts, procedures, technologies, and trends in the ... 09/08/04 $8.590 ( 1.49%) 72,000 Reuters Significant Dev.. Isolagen, Inc. Appoints Robert J. Bitterman as President and Chief  Date Announced: 20040907 Isolagen, Inc. announced that its Board o rt J. Bitterman to succeed Michael Macaluso as President and Chief  Company. Mr. Macaluso will remain active with the ... 09/09/04 $8.510 ( 0.93%) 52,300 09/10/04 $8.670 1.88% 107,300 Drug Week Medical Aesthetics; Medical aesthetics guide launched  2004 SEP 10 - (NewsRx.com & NewsRx.net) -- Medical Insight, Inc.,  e European Aesthetic Buyers Guide, a publication focusing solely o roducts, procedures, technologies, and trends in the ... 09/10/04 $8.670 1.88% 107,300 PR Newswire (U.S.) New Isolagen President and CEO to Host Conference Call Michael Mac Bitterman for Question & Answer Session With Investors  HOUSTON, Sept. 10 /PRNewswire-FirstCall/ -- Isolagen, Inc.'s new P ve Officer Robert J. Bitterman will address investors in a confere mber 14, 2004 at two o'clock in the afternoon (EDT).09/10/04 $8.670 1.88% 107,300 SEC Filing Form 8-K 09/11/04 . . . Obesity, Fitness & Well.. Medical Aesthetics; Medical aesthetics guide launched  2004 SEP 11 - (NewsRx.com & NewsRx.net) -- Medical Insight, Inc.,  e European Aesthetic Buyers Guide, a publication focusing solely o roducts, procedures, technologies, and trends in the ... 09/11/04 . . . The Daily Telegraph Holding back the years with a little passion Sam Leith takes the p ti-ageing conference  WE are giving birth, announces the trim, pretty blonde woman in th o a new way of life". Heather Bird, organiser and chief sponsor of  ng conference, is a woman who uses words like "search", ... 09/11/04 . . . The Guardian Turning back time 09/12/04 . . . Medical Devices & Surgi.. Medical Aesthetics; Medical aesthetics guide launched  2004 SEP 12 - (NewsRx.com & NewsRx.net) -- Medical Insight, Inc.,  e European Aesthetic Buyers Guide, a publication focusing solely o roducts, procedures, technologies, and trends in the ... 09/13/04 $8.700 0.35% 99,400 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 27  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________09/14/04 $8.850 1.72% 256,100 Knobias ISOLAGEN INC - ILE: Investor Conference call @ 14:00 ET Today  Isolagen Inc.'s (AMEX: ILE) new President and Chief Executive Offi ll address investors in a conference call on Tuesday, September 14 he afternoon (EDT). 09/14/04 $8.850 1.72% 256,100 The Wall Street Journal Career Journal: Who's News  American Superconductor Taps California's Former Grid Chief WESTBO er, who resigned as chief executive of the California Independent  as joined American Superconductor Corp., a maker of ... 09/15/04 $8.900 0.56% 142,500 Adams Harkness, Inc. ILE: New CEO Furthers Confidence 09/15/04 $8.900 0.56% 142,500 Birmingham Post Post People: Cell your wrinkles and rejuvenate your skin  More than 50 invited guests attended the launch of Isolagen in the  ng natural healing therapy that uses the patient"s own living cell nd reduce lines, wrinkles and acne scarring. 09/15/04 $8.900 0.56% 142,500 Brisbane News BEAUTY, HEALTH & FITNESS  ADVANCED LASER Advanced Laser now offers Super Intense Pulsed Ligh acne phototherapy and photorejuvenation. Phototherapy is a revolut acne and acne scarring, which is changing the lives ... 09/15/04 $8.900 0.56% 142,500 CIBC World Markets ILE: Announces Hiring of New President, Formerly With Dermik 09/16/04 $9.200 3.37% 163,900 CIBC World Markets CIBC WM Early Edition Morning Research Summary 09/16/04 $9.200 3.37% 163,900 Dow Jones News Service Forbes-McKean Appointed Isolagen Chief Technical Science Officer 09/16/04 $9.200 3.37% 163,900 Hornsby and Upper North.. Looking after the skin 09/16/04 $9.200 3.37% 163,900 PR Newswire (U.S.) Dr. Kimberley Forbes-McKean Appointed Isolagen Senior Vice Preside e Officer Former Vice President of Global.  HOUSTON, Sept. 16 /PRNewswire-FirstCall/ -- Isolagen, Inc. is plea oard of Directors appointed Dr. Kimberley Forbes-McKean as Senior  echnical Science Officer of Isolagen. 09/16/04 $9.200 3.37% 163,900 SEC Filing Form 8-K 09/17/04 $9.750 5.98% 210,900 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 28  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________09/20/04 $10.110 3.69% 280,500 Biotech Business Week Skin, Soft Tissue Defects; E.U. patent covers autologous dermal fi issue defects  2004 SEP 20 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/20/04 $10.110 3.69% 280,500 Health & Medicine Week Skin, Soft Tissue Defects; E.U. patent covers autologous dermal fi issue defects  2004 SEP 20 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/20/04 $10.110 3.69% 280,500 Pharma Business Week Skin, Soft Tissue Defects; E.U. patent covers autologous dermal fi issue defects  2004 SEP 20 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/21/04 $10.240 1.29% 222,500 Life Science Weekly Skin, Soft Tissue Defects; E.U. patent covers autologous dermal fi issue defects  2004 SEP 21 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/21/04 $10.240 1.29% 222,500 Science Letter Skin, Soft Tissue Defects; E.U. patent covers autologous dermal fi issue defects  2004 SEP 21 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/22/04 $10.190 ( 0.49%) 240,000 Biotech Week Isolagen, Inc. E.U. patent covers autologous dermal fibroblasts fo s  2004 SEP 22 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/22/04 $10.190 ( 0.49%) 240,000 CIBC World Markets ILE: Highlights of Call With Plastic Surgeon Peter Ashby, MD 09/23/04 $10.220 0.29% 172,000 09/24/04 $10.240 0.20% 183,500 CBS News: The Osgood Fi.. Commentary: New technology to help fight wrinkles and scars  CHARLES OSGOOD reporting: Some people in this country, perhaps on  is their fortune, have attacked their crow's feet with botulism po laugh lines with collagen. But a new idea that works is ... 09/24/04 $10.240 0.20% 183,500 Drug Week Skin, Soft Tissue Defects; E.U. patent covers autologous dermal fi issue defects 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 29  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ 2004 SEP 24 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/24/04 $10.240 0.20% 183,500 Manchester Evening News Anti-wrinkle jab offer from a family doctor  COSMETIC treatment such as Botox injections and laser hair removal  ily doctors' surgery. Patients pay up to £200 for the jabs - favou uch as Cameron Diaz as they cause the muscles in the ... 09/25/04 . . . Obesity, Fitness & Well.. Skin, Soft Tissue Defects; E.U. patent covers autologous dermal fi issue defects  2004 SEP 25 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) h t EP0845963 entitled "The Use of Autologous Dermal Fibroblasts for  ft Tissue Defects" covering the company's ... 09/27/04 $9.700 ( 5.27%) 148,800 PR Newswire (U.S.) Isolagen to Present at UBS Global Life Sciences Conference  HOUSTON, Sept. 27 /PRNewswire-FirstCall/ -- Isolagen, Inc. announc n, President and Chief Executive Officer, is scheduled to present  ences Conference on Thursday, September 30, 2004 at ... 09/27/04 $9.700 ( 5.27%) 148,800 SEC Filing Form 8-K 09/28/04 $9.000 ( 7.22%) 774,000 09/29/04 $8.990 ( 0.11%) 339,100 Birmingham Post Smoothly does it  Never has the saying "beauty is only skin deep" been so true. In a  ng back the clock, there"s a new anti-ageing treatment on the bloc ng an overnight success. Whether you are looking to fill ... 09/30/04 $9.450 5.12% 217,800 Knobias ISOLAGEN INC - ILE: To Present At UBS Life Sciences Conf @ 12:30 E Company representatives of Isolagen Inc (AMEX: ILE) will be presen l Life Sciences Conference today. The Company's presentation is sc ET. 09/30/04 $9.450 5.12% 217,800 PR Newswire (U.S.) Dennis L. Bevan Appointed as Isolagen's Vice President Internation HOUSTON, Sept. 30 /PRNewswire-FirstCall/ -- Isolagen, Inc. is plea oard of Directors appointed Dennis L. Bevan as Vice President of I erations of Isolagen. 09/30/04 $9.450 5.12% 217,800 SEC Filing Form 8-K 10/01/04 $9.750 3.17% 329,600 Biomedical Materials Isolagen wins European patent.(Products) .. 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 30  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________10/01/04 $9.750 3.17% 329,600 CFO Magazine Can We Talk? 10/04/04 $9.500 ( 2.56%) 386,700 Biotech Business Week Personnel; Company specializing in autologous cellular therapies a 2004 OCT 4 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/04/04 $9.500 ( 2.56%) 386,700 Health & Medicine Week Personnel; Company specializing in autologous cellular therapies a 2004 OCT 4 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/04/04 $9.500 ( 2.56%) 386,700 Pharma Business Week Personnel; Company specializing in autologous cellular therapies a 2004 OCT 4 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/05/04 $9.280 ( 2.32%) 133,300 BIOWORLD Today APPOINTMENTS AND ADVANCEMENTS.(Brief Article)  Isolagen Inc., of Houston, appointed Kimberley Forbes-McKean senio technical science officer. MDS Pharma Services, of Montreal, hired  e president for finance of late-stage development. 10/05/04 $9.280 ( 2.32%) 133,300 Life Science Weekly Personnel; Company specializing in autologous cellular therapies a 2004 OCT 5 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/05/04 $9.280 ( 2.32%) 133,300 Science Letter Personnel; Company specializing in autologous cellular therapies a 2004 OCT 5 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/06/04 $9.140 ( 1.51%) 135,500 Biotech Week Isolagen, Inc. Company specializing in autologous cellular therapi CEO  2004 OCT 6 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/07/04 $9.140 0.00% 118,400 Blood Weekly Personnel; Company specializing in autologous cellular therapies a 2004 OCT 7 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 31  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ ief executive officer of Isolagen. 10/08/04 $8.930 ( 2.30%) 45,100 CFO Magazine Can We Talk? 10/08/04 $8.930 ( 2.30%) 45,100 Drug Week Personnel; Company specializing in autologous cellular therapies a 2004 OCT 8 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/09/04 . . . Obesity, Fitness & Well.. Personnel; Company specializing in autologous cellular therapies a 2004 OCT 9 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert J. Bitterman to succeed Michael Ma ief executive officer of Isolagen. 10/11/04 $8.750 ( 2.02%) 90,500 10/12/04 $8.710 ( 0.46%) 64,300 10/13/04 $8.630 ( 0.92%) 77,000 Liverpool Echo Fashion Show 2004: Why everyone has the right to age gracefully 10/13/04 $8.630 ( 0.92%) 77,000 PR Newswire (U.S.) Robert G. Partridge Named Isolagen's Vice President Global Marketi er Aventis Director With Dermik Brings 21 Ye  HOUSTON, Oct. 13 /PRNewswire-FirstCall/ -- Isolagen, Inc. has anno rectors appointed Robert G. Partridge as Vice President, Global Ma . Over the course of 21 years in the pharmaceutical ... 10/13/04 $8.630 ( 0.92%) 77,000 SEC Filing Form 8-K 10/14/04 $8.490 ( 1.62%) 90,300 10/15/04 $8.740 2.94% 143,900 10/18/04 $8.700 ( 0.46%) 219,400 Biotech Business Week Personnel; Dr. Kimberley Forbes-McKean named SVP, chief technical  2004 OCT 18 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 10/18/04 $8.700 ( 0.46%) 219,400 Health & Medicine Week Personnel; Dr. Kimberley Forbes-McKean named SVP, chief technical  2004 OCT 18 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 32  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________10/18/04 $8.700 ( 0.46%) 219,400 Pharma Business Week Personnel; Dr. Kimberley Forbes-McKean named SVP, chief technical  2004 OCT 18 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 10/19/04 $8.620 ( 0.92%) 48,400 Life Science Weekly Personnel; Dr. Kimberley Forbes-McKean named SVP, chief technical  2004 OCT 19 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 10/19/04 $8.620 ( 0.92%) 48,400 Science Letter Personnel; Dr. Kimberley Forbes-McKean named SVP, chief technical  2004 OCT 19 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 10/20/04 $8.690 0.81% 102,300 Biotech Week Isolagen, Inc. Dr  2004 OCT 20 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 10/20/04 $8.690 0.81% 102,300 Dow Jones News Service Isolagen To Establish Primary Mfg Facility In Northeast US 10/20/04 $8.690 0.81% 102,300 PR Newswire (U.S.) Isolagen Announces Further Developments in Its Global Strategy to  Process Company Cites Expected Benefits From  HOUSTON, Oct. 20 /PRNewswire-FirstCall/ -- Isolagen, Inc. announce establish a cGMP (current Good Manufacturing Practices) facility i as the primary manufacturing facility and management ... 10/20/04 $8.690 0.81% 102,300 Reuters Significant Dev.. Isolagen, Inc. Announces Further Developments in Its Global Strate olagen Process  Date Announced: 20041020 Isolagen, Inc. announced that it expects  nt Good Manufacturing Practices) facility in the Northeast to serv ring facility and management headquarters for the ... 10/21/04 $8.300 ( 4.49%) 208,500 Legg Mason Wood Walker Morning Research Summary - Oct 21 2004 8:00AM 10/21/04 $8.300 ( 4.49%) 208,500 Legg Mason Wood Walker Updates Commericalization Plan; Maintain Buy Rating 10/22/04 $8.290 ( 0.12%) 130,100 BIOWORLD Today OTHER NEWS TO NOTE.(pharmaceutical industry, contracts)  Aastrom Biosciences Inc., of Ann Arbor, Mich., and the Institut de  ular have begun patient enrollment in a trial with the Institut de 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 33  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ plantologia in Barcelona, Spain, testing Aastrom's ... 10/22/04 $8.290 ( 0.12%) 130,100 Drug Week Personnel; Dr. Kimberley Forbes-McKean named SVP, chief technical  2004 OCT 22 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 10/22/04 $8.290 ( 0.12%) 130,100 SEC Filing Form 8-K 10/23/04 . . . Obesity, Fitness & Well.. Personnel; Dr. Kimberley Forbes-McKean named SVP, chief technical  2004 OCT 23 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a directors appointed Dr. Kimberley Forbes-McKean as senior vice pre l science officer of Isolagen. 10/25/04 $6.950 ( 16.16%) 907,900 AFX International Focus Aon, Isolagen, TXN and more - UPDATE 2  The following is a list of companies whose shares are making signi rading session. Advancers Shares of AaiPharma , a drug developer a than 4 percent after the company said that it intends ... 10/25/04 $6.950 ( 16.16%) 907,900 AFX International Focus Curis, Delta Air, Mesa Air and more - UPDATE 3  The following is a list of companies whose shares are making signi rading session. Advancers Shares of insurer American International  rcent after the company was raised by Deutsche Bank to ... 10/25/04 $6.950 ( 16.16%) 907,900 AFX International Focus Curis, Delta Air, Mesa Air and more - UPDATE 4  The following is a list of companies whose shares are making signi rading session. Advancers Shares of insurer American International  rcent after the company was raised by Deutsche Bank to ... 10/25/04 $6.950 ( 16.16%) 907,900 AFX UK Focus AaiPharma, Kellogg, Kimberly-Clark  The following are a list of companies whose shares are expected to  nday. Kellogg and Kimberly Clark top consumer product makers repor erican Express and LaBranche . Chubb , Halliburton and ... 10/25/04 $6.950 ( 16.16%) 907,900 AFX UK Focus Curis, Delta Air, Mesa Air and more - UPDATE 5  NEW YORK (AFX) -- The following is a list of companies whose share oves in Monday's trading session. Advancers Aastrom Biosciences so a flurry of science reports that stem cells are being ... 10/25/04 $6.950 ( 16.16%) 907,900 AFX UK Focus Curis, Delta Air, Mesa Air and more - UPDATE 6 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 34  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ NEW YORK (AFX) -- The following is a list of companies whose share oves in Monday's trading session. Advancers Aastrom Biosciences so a flurry of science reports that stem cells are being ... 10/25/04 $6.950 ( 16.16%) 907,900 AFX UK Focus Curis, Delta Air, Mesa Air and more - UPDATE 7  NEW YORK (AFX) -- The following is a list of companies whose share oves in Monday's trading session. Advancers Aastrom Biosciences so a flurry of science reports that stem cells are being ... 10/25/04 $6.950 ( 16.16%) 907,900 Adams Harkness, Inc. ILE: Pushback in US Timeline, Shifting to Buy 10/25/04 $6.950 ( 16.16%) 907,900 Associated Press Newswi.. Biotech stocks falter as Genentech dives 10/25/04 $6.950 ( 16.16%) 907,900 BIOWORLD Today Appointments And Advancements 10/25/04 $6.950 ( 16.16%) 907,900 Biotech Business Week Personnel; Dennis L. Bevan named VP of international commercial op10/25/04 $6.950 ( 16.16%) 907,900 Bloomberg (Corrects coupon in headline to 3.5%.) . . . . Oct. 29 (Bloomberg) -- The following issue went on sale today: . . . . Issuer: Isolagen Inc. . . . . Manager(s): CIBC World Markets . . . . UBS Securities . . . . Amount: $75 Million . . . . Coupon: 3.5 percent . . . . Issue Price: 100 . . . . . . . . . . . . BN ATA, First Marblehead, Isolagen, TXU: U.S. Equity Movers Final . . . . Oct 25 2004 16:48 . . . . ATA, First Marblehead, Isolagen, TXU: U.S. Equity Movers Final . . . . By Ludwig Marek . . . . Oct. 25 (Bloomberg) -- Shares of these companies had unusual . . . . price changes in U.S. markets as of 4:15 p.m. New York time. . . . . Stock symbols are in parentheses after company names. . . . . American International Group Inc (AIG US) rose $1.40, or 2.6 . . . . percent, to $56.10. The world's No. 1 insurer, which last week . . . . disclosed its fourth regulatory probe in a month was raised to . . . . . . . . 10/25/04 $6.950 ( 16.16%) 907,900 Bloomberg . . . . BN Isolagen Cut to `Buy' at Adams Harkness :ILE US . . . . Oct 25 2004 11:12 . . . . Princeton, New Jersey, Oct. 25 (Bloomberg Data) -- Isolagen Inc. (. . . . US) was downgraded to ``buy'' from ``strong buy'' by analyst Jayso. . . . at Adams Harkness. The price target is $10.00 per share. . . . . --Sybil Chahbandour in Princeton, New Jersey, (+1)609-279-3615. . . . . 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 35  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________10/25/04 $6.950 ( 16.16%) 907,900 Dow Jones Corporate Fil.. CFA Convertible Securities Horizon - Forward Calendar 10/25/04 $6.950 ( 16.16%) 907,900 Dow Jones News Service Isolagen, Inc. Announces Proposed Convertible Subordinated Notes O10/25/04 $6.950 ( 16.16%) 907,900 Health & Medicine Week Personnel; Dennis L. Bevan named VP of international commercial op10/25/04 $6.950 ( 16.16%) 907,900 Knobias ISOLAGEN INC - ILE: Intends to Offer $75M of Convertible Sub Notes  Isolagen, Inc. (ILE) announced that it intends to offer, $75M of c tes due 2024 through an offering to certain investors who qualify.  ible into shares of Isolagen common stock, at the option ... 10/25/04 $6.950 ( 16.16%) 907,900 PR Newswire (U.S.) Isolagen, Inc. Announces Proposed Convertible Subordinated Notes O HOUSTON, Oct. 25 /PRNewswire-FirstCall/ -- Isolagen, Inc. announce offer, subject to market and other conditions, $75 million of conv s due 2024 through an offering to certain investors who ... 10/25/04 $6.950 ( 16.16%) 907,900 Reuters Significant Dev.. Isolagen, Inc. Announces Proposed Convertible Subordinated Notes O Date Announced: 20041025 Isolagen, Inc. announced that it intends  t and other conditions, $75 million of convertible subordinated no fering to certain investors who qualify as qualified ... 10/25/04 $6.950 ( 16.16%) 907,900 SEC Filing Form 8-K 10/26/04 $6.970 0.29% 231,600 BIOWORLD Today OTHER NEWS TO NOTE.(finaces, product development programs etc  aaiPharma Inc., of Wilmington, N.C., and its lenders agreed to ame it facility to, among other things, increase the amount of the ter on. The amendment is contingent on bondholder consent ... 10/26/04 $6.970 0.29% 231,600 Life Science Weekly Personnel; Dennis L. Bevan named VP of international commercial op10/26/04 $6.970 0.29% 231,600 Science Letter Personnel; Dennis L. Bevan named VP of international commercial op10/27/04 $6.740 ( 3.30%) 335,600 Biotech Week Isolagen, Inc. Dennis L 10/28/04 $6.660 ( 1.19%) 1,302,700 10/29/04 $6.810 2.25% 4,080,900 ABC News: Good Morning .. ISOLAGEN ALTERNATIVE TO PLASTIC SURGERY  DIANE SAWYER, ABC NEWS Okay, thanks, Tony. DIANE SAWYER (OC) Well,  to hold on to the youthful glow, right? Diet and exercise can only  people are turning to plastic surgery, as we've ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 36  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________10/29/04 $6.810 2.25% 4,080,900 Associated Press Newswi.. NA FIN MKT US Amex Leaders 10/29/04 $6.810 2.25% 4,080,900 Associated Press Newswi.. Friday's Most Active Stocks  NEW YORK (AP) - Sales, 4 p.m. price and net change of the 15 most  ange issues, trading nationally at more than $1. Name Volume Last  3.55 --.03 AvonProd s ... 10/29/04 $6.810 2.25% 4,080,900 Bloomberg . . . . . . . . BN Isolagen Sells $75 Million of 3.5% Convertible Notes (Correct) . . . . Oct 29 2004 9:15 . . . . Isolagen, Inc. Prices $75 M Convertible Subordinated Notes Offerin10/29/04 $6.810 2.25% 4,080,900 Knobias ISOLAGEN INC - ILE: Prices $75M Convertible Sub Notes Offering  Isolagen, Inc. (ILE) announced the pricing of its offering of $75M  dinated notes due 2024 to qualified institutional buyers pursuant  urities Act of 1933. The notes will bear interest at a ... 10/29/04 $6.810 2.25% 4,080,900 Legg Mason Wood Walker Convert Terms Revealed; Maintaining Buy Rating But Reducing Price 10/29/04 $6.810 2.25% 4,080,900 PR Newswire (U.S.) Isolagen, Inc. Prices $75 Million Convertible Subordinated Notes O HOUSTON, Oct. 29 /PRNewswire-FirstCall/ -- Isolagen, Inc. announce ing of $75 million of 3.5% convertible subordinated notes due 2024  l buyers pursuant to Rule 144A under the Securities Act ... 10/29/04 $6.810 2.25% 4,080,900 PR Newswire (U.S.) PR Newswire National Summary till 10 a.m. EDT, Friday, Oct. 29, 20 Following is a summary of news releases transmitted this morning u e. The full text of these releases is available at the PR Newswire  edia.prnewswire.com/. 10/29/04 $6.810 2.25% 4,080,900 Reuters Significant Dev.. Isolagen, Inc. Prices $75 Million Convertible Subordinated Notes O Date Announced: 20041029 Isolagen, Inc. announced the pricing of i of 3.5% convertible subordinated notes due 2024 to qualified insti s will bear interest at a rate of 3.5% per annum and ... 10/29/04 $6.810 2.25% 4,080,900 SEC Filing Form 8-K 10/30/04 . . . Obesity, Fitness & Well.. Personnel; Dennis L. Bevan named VP of international commercial op11/01/04 $6.760 ( 0.73%) 622,900 BIOWORLD Today OTHER NEWS TO NOTE 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 37  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ Affinium Pharmaceuticals Inc., of Toronto, said findings reported  ence on Antimicrobial Agents and Chemotherapy meeting in Washingto he structure of Staphylococcus aureus FabI. The ... 11/01/04 $6.760 ( 0.73%) 622,900 MEDIAWEEK Local Media  CBS’ Bay Area KPIX Launches 60 Minutes Spinoff on Nov. 14 By katy  tick. CBS’ 60 Minutes, the 36-year-old granddaddy of network news  on Nov. 14. In the half-hour preceding the network ... 11/01/04 $6.760 ( 0.73%) 622,900 Skin & Allergy News Know your filler repertoire: demand on the rise: careful selection  propriate filler from among the plethora of  LAS VEGAS -- Expect your patients to start asking you more questio fillers intended for soft tissue augmentation in the perioral area  h L. Matarasso, M.D., said at the 13th International ... 11/02/04 $7.140 5.62% 1,963,500 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC 11/03/04 $7.120 ( 0.28%) 907,600 M2 Presswire High Performance Stocks to Watch! November 3, 2004, Part 3  Weston, FLA. - Wall Street News Alert`s "stocks to watch" this Wed min Gold Corporation (OTCBB: ADGD), Sprint Corp (NYSE: FON), Isola ors Industries Ltd. (AMEX: NBR) and SBC Communications ... 11/03/04 $7.120 ( 0.28%) 907,600 PR Newswire (U.S.) Isolagen to Host Conference Call to Discuss Third Quarter 2004  HOUSTON, Nov. 3 /PRNewswire-FirstCall/ -- Isolagen, Inc. will host  mber 8, 2004 beginning at 5:00 P.M. EST to discuss the Company's t and provide a business update. 11/03/04 $7.120 ( 0.28%) 907,600 SEC Filing Form 8-K 11/04/04 $6.850 ( 3.79%) 396,100 M2 Presswire Cephalon reports revenue growth and Isolagen to host conference ca City of Industry, CA - Biotechnology industry news provided by Fin ). Cephalon, Inc. (Nasdaq: CEPH) today reported third quarter 2004  , compared to revenue of $190.0 million in the third ... 11/04/04 $6.850 ( 3.79%) 396,100 PR Newswire (U.S.) Isolagen, Inc. to Present at the CIBC World Markets Healthcare Con HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Robert J. Bitterman, Pre Inc. will present at the CIBC World Markets Fifteenth Annual Healt y, November 9, 2004 at 9:00 AM ET at The Plaza Hotel ... 11/04/04 $6.850 ( 3.79%) 396,100 SEC Filing Form 8-K 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 147 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 38  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________11/04/04 $6.850 ( 3.79%) 396,100 SEC Filing Form 8-K 11/05/04 $7.020 2.48% 911,700 11/08/04 $6.980 ( 0.57%) 503,500 BIOWORLD Today APPOINTMENTS AND ADVANCEMENTS.(Brief Article) ..  Cellular Genomics Inc., of Branford, Conn., appointed Udo Klein se g development. Codexis Inc., of Redwood City, Calif., appointed Pe usiness development, Europe. 11/08/04 $6.980 ( 0.57%) 503,500 BioWorld Financial Watc.. Other financings of public biotechnology companies: October 2004 11/08/04 $6.980 ( 0.57%) 503,500 Biotech Business Week Personnel; Cellular therapy company names VP global marketing and  2004 NOV 8 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert G. Partridge as vice president, gl cations. 11/08/04 $6.980 ( 0.57%) 503,500 Dow Jones Corporate Fil.. Isolagen Inc 3Q Losses 19c/Shr Vs 17c  WASHINGTON (Dow Jones)--The following table is a summary of Isolag information for the third quarter ended Sept. 30 as disclosed in t ort Monday with the Securities and Exchange Commission. ... 11/08/04 $6.980 ( 0.57%) 503,500 Dow Jones Corporate Fil.. CFA Late Summary Of Small-Cap Headlines 11/08/04 $6.980 ( 0.57%) 503,500 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE EVENING'S TOP NEWS  .Lucent Tech: Former Execs Get Wells Notices From SEC >LU - 16:24  ormal Probe Of Vioxx >MRK - 16:45 .Vignette Corp Sees $8M In Charg IGN - 16:03 .IA Global Gets Arbitration Notice ... 11/08/04 $6.980 ( 0.57%) 503,500 Dow Jones Corporate Fil.. REPEAT&CORRECT: CFA/THE EVENING'S TOP NEWS 11/08/04 $6.980 ( 0.57%) 503,500 FinancialWire FirstAlert: 5 P.M. Investrend / Bestcalls .  (Distributed for Investrend Communications, Inc. via M2 Communicat mber 8, 2004. (FinancialWire) Conference calls scheduled 5 p.m. on  partner BestCalls includes META Group, Inc. (NASDAQ: ... 11/08/04 $6.980 ( 0.57%) 503,500 Health & Medicine Week Personnel; Cellular therapy company names VP global marketing and  2004 NOV 8 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert G. Partridge as vice president, gl cations. 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 39  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________11/08/04 $6.980 ( 0.57%) 503,500 SEC Filing Form 10-Q 11/09/04 $7.260 4.01% 745,900 Adams Harkness, Inc. ILE: Top-line out 11/09/04 $7.260 4.01% 745,900 CIBC World Markets ILE: 3Q Revenue Exceeds Expectations on Strong European Demand 11/09/04 $7.260 4.01% 745,900 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC 11/09/04 $7.260 4.01% 745,900 Legg Mason Wood Walker Morning Research Summary - Nov 9 2004 7:43AM 11/09/04 $7.260 4.01% 745,900 Legg Mason Wood Walker Reports 3Q04 Earnings; UK Uptake Remains Strong 11/09/04 $7.260 4.01% 745,900 Life Science Weekly Personnel; Cellular therapy company names VP global marketing and  2004 NOV 9 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert G. Partridge as vice president, gl cations. 11/09/04 $7.260 4.01% 745,900 Science Letter Personnel; Cellular therapy company names VP global marketing and  2004 NOV 9 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:IL d of directors appointed Robert G. Partridge as vice president, gl cations. 11/10/04 $7.330 0.96% 368,700 Biotech Week Isolagen, Inc  2004 NOV 10 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:I rd of directors appointed Robert G. Partridge as vice president, g ications. 11/11/04 $7.260 ( 0.95%) 270,500 Contra Costa Times (Wal.. HUMAN INTEREST ALIVE, WELL IN TWO LOCAL DOCUMENTARIES  THEY ARE NEARLY as rare as a lunar eclipse, or a 49ers victory, or  state. So what a pleasant surprise it is to find not one, but two,  menu: the locally produced documentary. 11/11/04 $7.260 ( 0.95%) 270,500 Gene Therapy Weekly Personnel; Cellular therapy company names VP global marketing and  2004 NOV 11 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:I rd of directors appointed Robert G. Partridge as vice president, g ications. 11/12/04 $7.230 ( 0.41%) 606,200 Genomics & Genetics Wee.. Personnel; Cellular therapy company names VP global marketing and  2004 NOV 12 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:I rd of directors appointed Robert G. Partridge as vice president, g ications. 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 40  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________11/13/04 . . . Obesity, Fitness & Well.. Personnel; Cellular therapy company names VP global marketing and  2004 NOV 13 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (AMEX:I rd of directors appointed Robert G. Partridge as vice president, g ications. 11/15/04 $7.200 ( 0.41%) 261,700 Biotech Business Week Business Update; cGMP expected to be established in U.S. for Isola ion .  2004 NOV 15 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 11/15/04 $7.200 ( 0.41%) 261,700 Health & Medicine Week Business Update; cGMP expected to be established in U.S. for Isola ion .  2004 NOV 15 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 11/15/04 $7.200 ( 0.41%) 261,700 Pharma Business Week Business Update; cGMP expected to be established in U.S. for Isola ion .  2004 NOV 15 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 11/16/04 $7.200 0.00% 873,100 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 11/16/04 $7.200 0.00% 873,100 Life Science Weekly Business Update; cGMP expected to be established in U.S. for Isola ion .  2004 NOV 16 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 11/16/04 $7.200 0.00% 873,100 Science Letter Business Update; cGMP expected to be established in U.S. for Isola ion .  2004 NOV 16 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 11/17/04 $7.250 0.69% 237,600 Biotech Week Isolagen, Inc. cGMP expected to be established in U.S. for Isolage n  2004 NOV 17 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 41  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________11/18/04 $7.270 0.28% 675,200 11/19/04 $7.300 0.41% 483,000 Bloomberg . . . . BN Biggest Amex Increases, Decreases in Short Interest vs Float . . . . Nov 19 2004 16:23 . . . . Biggest Amex Increases, Decreases in Short Interest vs Float . . . . By Bing Xiao . . . . Nov. 19 (Bloomberg) -- The following tables show companies listed . . . . the American Stock Exchange that have the largest changes in short . . . . interest as a percentage of shares available for trading in the la. . . . month. . . . . *T . . . . TOP 10 INCREASES IN SHORT INTEREST VS FLOAT . . . . . . . . 11/19/04 $7.300 0.41% 483,000 Bloomberg . . . . BN Largest Amex Short Interest as a Percentage of Free Float . . . . Nov 19 2004 16:21 . . . . Largest Amex Short Interest as a Percentage of Free Float . . . . By Bing Xiao . . . . Nov. 19 (Bloomberg) -- The following table ranks companies listed . . . . the American Stock Exchange that have more than 10 percent of thei. . . . available for trading sold short by investors in mid-November. . . . . *T . . . . Short Interest Short Interest Equity Float . . . . Ticker Name / Float % (In mln shrs) (In mln shrs) . . . . . . . . 11/19/04 $7.300 0.41% 483,000 Bloomberg . . . . BN Largest Amex Short Interest Percent Increases in November . . . . Nov 19 2004 16:01 . . . . By David Pierson . . . . Nov. 19 (Bloomberg) -- The following are the 50 largest short . . . . interest percent increases on the American Stock Exchange in mid- . . . . November. This list includes securities with a short position of . . . . at least 20,000 shares. . . . . *T . . . . Ticker . . . . Symbol Company Nov. 15 Oct. 15 % Change . . . . . . . . 11/19/04 $7.300 0.41% 483,000 Bloomberg . . . . BN American Stock Exchange Short Interest as of Mid-November . . . . Nov 19 2004 16:01 . . . . By David Pierson . . . . Nov. 19 (Bloomberg) -- The following is the complete listing . . . . of short interest positions on the American Stock Exchange in mid- . . . . November. . . . . *T . . . . Ticker Avg. Daily . . . . Symbol Company Nov. 15 Oct. 15 Volume . . . . MXN 1ST AMER. MN MIF 3,264 9,520 1,914 . . . . . . . . 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 42  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . 11 of 23 . . . . BN American Stock Exchange Short Interest as of Mid-November . . . . Nov 19 2004 16:01 . . . . EWQ ISHARES MSCI FRANCE 232,937 236,376 14,485 . . . . EWG ISHARES MSCI GERMANY 719,716 497,788 90,895 . . . . EWH ISHARES MSCI HONG KO 1,611,969 1,636,315 473,523. . . . EWI ISHARES MSCI ITALY 30,406 27,758 16,395 . . . . EWJ ISHARES MSCI JAPAN 15,346,995 5,351,737 6,402,823 . . . . EWM ISHARES MSCI MALAYSI 429,706 656,968 228,709 . . . . EWW ISHARES MSCI MEXICO 1,976,168 1,636,777 343,633 . . . . EWN ISHARES MSCI NETHERL 109,165 118,205 23,385 . . . . . . . . . . . . 21 of 23 . . . . BN American Stock Exchange Short Interest as of Mid-November . . . . Nov 19 2004 16:01 . . . . TLL TELETOUCH COMM. NEW 20,000 20,000 12,319 . . . . TKO TELKONET INC 863,881 207,393 510,776 . . . . TGC TENGASCO INC 3,558 1,301 45,300 . . . . TWW TERREMARK WORLDWIDE 2,709,427 4,460,106 408,533 . . . . TPE TETON PETROLEUM CO. 56,763 56,294 20,633 . . . . TF THAI CAPITAL FUND 4,509 2,200 8,138 . . . . GBR THE GREENBRIAR CORP. 1,120 1,020 1,976 . . . . IF THE INDONESIA FUND 3,735 993 29,347 . . . . . . . . 11/19/04 $7.300 0.41% 483,000 Bloomberg . . . . BN Largest Amex Short Interest Positions Mid-November . . . . Nov 19 2004 16:01 . . . . By David Pierson . . . . Nov. 19 (Bloomberg) -- The following are the 100 largest . . . . short interest positions on the American Stock Exchange in mid- . . . . November. . . . . *T . . . . Ticker Avg. Daily . . . . Symbol Company Nov. 15 Oct. 15 Volume . . . . QQQ NASDAQ 100 SHARES 205,632,065 226,526,269 106,445,376 . . . . . . . . 11/19/04 $7.300 0.41% 483,000 Bloomberg . . . . BN Largest Amex Short Interest Changes in Mid-November . . . . Nov 19 2004 16:01 . . . . By David Pierson . . . . Nov. 19 (Bloomberg) -- The following are the 50 largest short . . . . interest changes on the American Stock Exchange in mid-November. . . . . The table ranks the top 50 increases followed by the top 50 . . . . decreases. . . . . *T . . . . TOP 50 INCREASES . . . . Ticker . . . . . . . . 11/19/04 $7.300 0.41% 483,000 Dow Jones News Service AMEX Short Interest: Apex Silver Mines - XCelera Inc11/19/04 $7.300 0.41% 483,000 Drug Week Business Update; cGMP expected to be established in U.S. for Isola ion . 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 43  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ 2004 NOV 19 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 11/20/04 . . . Obesity, Fitness & Well.. Business Update; cGMP expected to be established in U.S. for Isola ion .  2004 NOV 20 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., (ILE) a o establish a cGMP (current Good Manufacturing Practices) facility  as the primary manufacturing facility and ... 11/22/04 $7.350 0.68% 249,300 Biotech Business Week Finance; Cellular therapy company announces convertible subordinat 2004 NOV 22 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/22/04 $7.350 0.68% 249,300 Health & Medicine Week Finance; Cellular therapy company announces convertible subordinat 2004 NOV 22 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/22/04 $7.350 0.68% 249,300 Pharma Business Week Finance; Cellular therapy company announces convertible subordinat 2004 NOV 22 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/22/04 $7.350 0.68% 249,300 The Wall Street Journal Short Interest Highlights 11/23/04 $7.440 1.22% 155,800 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC 11/23/04 $7.440 1.22% 155,800 Life Science Weekly Finance; Cellular therapy company announces convertible subordinat 2004 NOV 23 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/23/04 $7.440 1.22% 155,800 Science Letter Finance; Cellular therapy company announces convertible subordinat 2004 NOV 23 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/24/04 $7.500 0.81% 142,600 Biotech Week Isolagen, Inc. Cellular therapy company announces convertible subo 2004 NOV 24 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 44  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________11/24/04 $7.500 0.81% 142,600 CIBC World Markets ILE: Adding Capacity and Comfortable with Our 2005 Rev. Estimate 11/24/04 $7.500 0.81% 142,600 Immunotherapy Weekly Finance; Cellular therapy company announces convertible subordinat 2004 NOV 24 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/26/04 $7.400 ( 1.33%) 122,600 Drug Week Finance; Cellular therapy company announces convertible subordinat 2004 NOV 26 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/27/04 . . . Obesity, Fitness & Well.. Finance; Cellular therapy company announces convertible subordinat 2004 NOV 27 - (NewsRx.com & NewsRx.net) -- Isolagen announced that  ect to market and other conditions, $75 million of convertible sub hrough an offering to certain investors who qualify ... 11/28/04 . . . The Sunday Times So you want model looks;Vanity 11/29/04 $7.510 1.49% 957,600 Biotech Business Week Finance; Tissue regeneration company offers $75 million in notes  2004 NOV 29 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., announc lion of 3.5% convertible subordinated notes due 2024 to qualified  ant Securities and Exchange Commission regulations. ... 11/29/04 $7.510 1.49% 957,600 Health & Medicine Week Finance; Tissue regeneration company offers $75 million in notes  2004 NOV 29 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., announc lion of 3.5% convertible subordinated notes due 2024 to qualified  ant Securities and Exchange Commission regulations. ... 11/30/04 $7.590 1.07% 703,200 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 11/30/04 $7.590 1.07% 703,200 Life Science Weekly Finance; Tissue regeneration company offers $75 million in notes  2004 NOV 30 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., announc lion of 3.5% convertible subordinated notes due 2024 to qualified  ant Securities and Exchange Commission regulations. ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 45  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________11/30/04 $7.590 1.07% 703,200 Science Letter Finance; Tissue regeneration company offers $75 million in notes  2004 NOV 30 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., announc lion of 3.5% convertible subordinated notes due 2024 to qualified  ant Securities and Exchange Commission regulations. ... 12/01/04 $7.890 3.95% 713,600 Biotech Week Isolagen, Inc. Tissue regeneration company offers $75 million in n 2004 DEC 1 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., announce ion of 3.5% convertible subordinated notes due 2024 to qualified i nt Securities and Exchange Commission regulations. 12/01/04 $7.890 3.95% 713,600 Bloomberg . . . . . . . . BN Top Average Analyst Ratings for Russell 2000 Stocks in November . . . . Dec 1 2004 10:27 . . . . Top Average Analyst Ratings for Russell 2000 Stocks in November . . . . By Wendy Soong . . . . Dec. 1 (Bloomberg) -- The following tables show the highest averag. . . . analyst ratings for Russell 2000 Index stocks as of Nov. 30. . . . . Bloomberg assigns a number to each rating that ranges from 1 to 5, . . . . with 5 being the highest recommendation. To calculate the average, . . . . numbers are added together and the total is divided by how many . . . . recommendations were made during the past 12 months. The target pr. . . . . . . . 12/02/04 $7.960 0.89% 270,600 12/03/04 $7.880 ( 1.01%) 347,900 12/04/04 . . . Obesity, Fitness & Well.. Finance; Tissue regeneration company offers $75 million in notes  2004 DEC 4 - (NewsRx.com & NewsRx.net) -- Isolagen, Inc., announce ion of 3.5% convertible subordinated notes due 2024 to qualified i nt Securities and Exchange Commission regulations. 12/06/04 $7.740 ( 1.78%) 96,200 12/07/04 $7.700 ( 0.52%) 152,500 12/08/04 $7.760 0.78% 177,800 12/09/04 $7.960 2.58% 237,000 12/10/04 $7.850 ( 1.38%) 209,500 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 46  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________12/13/04 $7.810 ( 0.51%) 137,500 12/14/04 $7.970 2.05% 146,000 Business Wire InterNetwork Experts Awarded IP Telephony Project Contract by Isol DALLAS - (BUSINESS WIRE) - Dec. 14, 2004 - InterNetwork Experts In ary of I-Sector Corporation (AMEX:ISR), announced today the award  an IP Telephony solution for Isolagen Inc. to support ... 12/14/04 $7.970 2.05% 146,000 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. Privately issued ... 12/15/04 $7.830 ( 1.76%) 204,400 12/16/04 $7.600 ( 2.94%) 193,900 12/17/04 $7.870 3.55% 141,800 12/20/04 $7.890 0.25% 107,700 The Times Gifts with a difference, if you've got the money  IT IS the perfect gift for the socialist in the family: an 8ft con ooted from outside the Odessa crane factory in Ukraine and now on  f Pounds 2,884. 12/21/04 $7.830 ( 0.76%) 55,900 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 12/22/04 $7.770 ( 0.77%) 537,000 Bloomberg . . . . . . . . BN Biggest Amex Increases, Decreases in Short Interest vs Float . . . . Dec 22 2004 9:44 . . . . Biggest Amex Increases, Decreases in Short Interest vs Float . . . . By David Pierson . . . . Dec. 22 (Bloomberg) -- The following tables show companies . . . . listed on the American Stock Exchange that have the largest . . . . changes in short interest as a percentage of shares available for . . . . trading in the latest month. . . . . *T . . . . TOP 10 INCREASES IN SHORT INTEREST VS FLOAT . . . . . . . . 12/22/04 $7.770 ( 0.77%) 537,000 Bloomberg . . . . BN Largest Amex Short Interest Changes in Mid-December . . . . Dec 22 2004 9:06 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 47  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . By David Pierson . . . . Dec. 22 (Bloomberg) -- The following are the 50 largest short . . . . interest changes on the American Stock Exchange in mid-December. . . . . The table ranks the top 50 increases followed by the top 50 . . . . decreases. . . . . *T . . . . TOP 50 INCREASES . . . . Ticker . . . . . . . . 12/22/04 $7.770 ( 0.77%) 537,000 Bloomberg . . . . BN Largest Amex Short Interest Positions Mid-December . . . . Dec 22 2004 9:06 . . . . By David Pierson . . . . Dec. 22 (Bloomberg) -- The following are the 100 largest . . . . short interest positions on the American Stock Exchange in mid- . . . . December. . . . . *T . . . . Ticker Avg. Daily . . . . Symbol Company Dec. 15 Nov. 15 Volume . . . . SPY S&P 500 DEPOSITORY 92,669,583 94,489,405 45,019,680 . . . . . . . . 12/22/04 $7.770 ( 0.77%) 537,000 Bloomberg . . . . BN American Stock Exchange Short Interest as of Mid-December . . . . Dec 22 2004 9:06 . . . . By David Pierson . . . . Dec. 22 (Bloomberg) -- The following is the complete listing . . . . of short interest positions on the American Stock Exchange in mid- . . . . December. . . . . *T . . . . Ticker Avg. Daily . . . . Symbol Company Dec. 15 Nov. 15 Volume . . . . MXN 1ST AMER. MN MIF 4,710 3,264 3,957 . . . . . . . . . . . . 11 of 23 . . . . BN American Stock Exchange Short Interest as of Mid-December . . . . Dec 22 2004 9:06 . . . . EEM ISHARES MSCI EMIF 704,987 1,336,806 295,833 . . . . EWQ ISHARES MSCI FRANCE 237,310 232,937 16,052 . . . . EWG ISHARES MSCI GERMANY 866,964 719,716 240,166 . . . . EWH ISHARES MSCI HONG KO 1,657,820 1,611,969 427,776. . . . EWI ISHARES MSCI ITALY 40,994 30,406 17,819 . . . . EWJ ISHARES MSCI JAPAN 4,658,136 15,346,995 7,476,400 . . . . EWM ISHARES MSCI MALAYSI 942,392 429,706 484,928 . . . . EWW ISHARES MSCI MEXICO 1,957,388 1,976,168 254,057 . . . . . . . . . . . . 21 of 23 . . . . BN American Stock Exchange Short Interest as of Mid-December . . . . Dec 22 2004 9:06 . . . . TLL TELETOUCH COMM. NEW 22,810 20,000 9,814 . . . . TKO TELKONET INC 1,366,689 863,881 448,166 . . . . TGC TENGASCO INC 2,782 3,558 78,785 . . . . TWW TERREMARK WORLDWIDE 1,967,905 2,709,427 361,961 . . . . TPE TETON PETROLEUM CO. 66,090 56,763 27,833 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 48  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . TF THAI CAPITAL FUND 2,500 4,509 9,523 . . . . GBR THE GREENBRIAR CORP. 1,465 1,120 1,995 . . . . IF THE INDONESIA FUND 3,926 3,735 37,190 . . . . . . . . 12/22/04 $7.770 ( 0.77%) 537,000 Dow Jones News Service AMEX Short Interest: AMC Entertainment - Wheaton River 12/23/04 $7.760 ( 0.13%) 109,100 CIBC World Markets FAS 123R Dilution Impact on Medical Device Companies12/27/04 $7.610 ( 1.93%) 84,600 12/28/04 $7.650 0.53% 119,700 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 12/28/04 $7.650 0.53% 119,700 SEC Filing Form POS-AM 12/29/04 $7.620 ( 0.39%) 104,800 12/30/04 $7.700 1.05% 169,700 12/31/04 $7.870 2.21% 161,900 01/03/05 $7.600 ( 3.43%) 204,200 Bloomberg . . . . BN Top Average Analyst Ratings for Russell 2000 Stocks in Dec. . . . . Jan 3 2005 11:06 . . . . Top Average Analyst Ratings for Russell 2000 Stocks in Dec. . . . . By Wendy Soong . . . . Jan. 3 (Bloomberg) -- The following tables show the highest averag. . . . analyst ratings for Russell 2000 Index stocks as of Dec. 31. . . . . Bloomberg assigns a number to each rating that ranges from 1 to 5, . . . . with 5 being the highest recommendation. To calculate the average, . . . . numbers are added together and the total is divided by how many . . . . recommendations were made during the past 12 months. The target pr. . . . . . . . 01/04/05 $7.590 ( 0.13%) 220,500 CIBC World Markets Scarcity of Value and Slowing Cardiovascular Growth Keep Us Market 01/04/05 $7.590 ( 0.13%) 220,500 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 01/05/05 $7.380 ( 2.77%) 119,800 CIBC World Markets CIBCWM Early Edition Morning Research Summary 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 49  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________01/06/05 $7.280 ( 1.36%) 278,100 01/07/05 $7.200 ( 1.10%) 95,900 01/10/05 $7.490 4.03% 258,600 01/11/05 $7.420 ( 0.93%) 292,200 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. Privately issued ... 01/12/05 $7.480 0.81% 139,500 01/13/05 $7.320 ( 2.14%) 104,000 Adams Harkness, Inc. ILE: 4Q Update; Reiterate Buy 01/14/05 $7.380 0.82% 156,200 01/18/05 $7.370 ( 0.14%) 89,300 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 01/19/05 $7.190 ( 2.44%) 126,400 01/20/05 $7.300 1.53% 422,700 01/21/05 $7.200 ( 1.37%) 99,700 Dow Jones News Service AMEX Short Interest: Apex Silver Mines - Wheaton River 01/24/05 $7.150 ( 0.69%) 50,100 BioWorld Financial Watc.. U.S. public offering performance by underwriter: Jan.39783. 31, 2001/25/05 $7.130 ( 0.28%) 640,700 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 01/25/05 $7.130 ( 0.28%) 640,700 Hull Daily Mail Use Your Cells To Reverse The Signs Of Ageing  A Kirk Ella nurse has become the only person in East Yorkshire to  nt that claims to reverse the ageing process. Isolagen is a treatm s collagen-producing cells to reduce wrinkles. 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 50  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________01/25/05 $7.130 ( 0.28%) 640,700 SEC Filing Form 424B3 01/26/05 $7.100 ( 0.42%) 218,100 CBS News: The Osgood Fi.. Commentary: Growing skin for scars and wrinkles  CHARLES OSGOOD reporting: Some people in this country, perhaps on  their fortune, have attacked their crow's feet with botulism poiso h lines with collagen. But a new idea is in the works, ... 01/27/05 $7.140 0.56% 113,700 01/28/05 $7.000 ( 1.96%) 148,900 01/31/05 $6.810 ( 2.71%) 181,200 02/01/05 $6.840 0.44% 205,300 Bloomberg . . . . BN Top Average Analyst Ratings for Russell 2000 Stocks in January . . . . Feb 1 2005 10:21 . . . . Top Average Analyst Ratings for Russell 2000 Stocks in January . . . . By Wendy Soong . . . . Feb. 1 (Bloomberg) -- The following tables show the highest averag. . . . analyst ratings for Russell 2000 Index stocks as of Jan. 31. . . . . Bloomberg assigns a number to each rating that ranges from 1 to 5, . . . . with 5 being the highest recommendation. To calculate the average, . . . . numbers are added together and the total is divided by how many . . . . recommendations were made during the past 12 months. The target pr. . . . . . . . 02/01/05 $6.840 0.44% 205,300 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 02/01/05 $6.840 0.44% 205,300 Dow Jones Corporate Fil.. Isolagen Registers $90M Of 3.5% Conv Nts For Hldrs ..  WASHINGTON (Dow Jones)--Isolagen Inc. (ILE) registered on behalf o .5% convertible subordinated notes due 2024, according to a Form S Securities and Exchange Commission. 02/01/05 $6.840 0.44% 205,300 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE AFTERNOON'S TOP NEWS  Titan Says PanAmSat CEO Wright Resigns From Board >TTN - 14:55 Mar usic Mgr, Dir As TV Adviser >MSO - 15:33 Brocade Commun Finds Mate or Yrs >BRCD - 12:05 Blue Ridge RE Delays ... 02/01/05 $6.840 0.44% 205,300 Irish Independent Plastic people - popular procedures at the cosmetic surgeon 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 51  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________02/01/05 $6.840 0.44% 205,300 SEC Filing Form S-3 02/02/05 $6.890 0.73% 172,600 SEC News Digest SECURITIES ACT REGISTRATIONS  The following registration statements have been filed with the SEC  of 1933. The reported information appears as follows: Form, Name,  if available) of the issuer of the security; Title and ... 02/03/05 $7.050 2.32% 302,100 02/04/05 $7.270 3.12% 183,000 02/07/05 $7.190 ( 1.10%) 143,400 02/08/05 $7.000 ( 2.64%) 299,000 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 02/09/05 $6.940 ( 0.86%) 230,400 02/10/05 $6.830 ( 1.59%) 158,600 02/11/05 $6.870 0.59% 283,400 Dow Jones News Service AMEX New 52-Week Highs And Lows 02/14/05 $6.700 ( 2.47%) 112,700 02/15/05 $6.690 ( 0.15%) 155,700 CIBC World Markets ILE: Abstract for AAD Shows Positive Outcome for ILE in Treating A02/15/05 $6.690 ( 0.15%) 155,700 CIBC World Markets ILE: Skepticism Continues...But 4Q'04 is Once Again Expected To Me02/15/05 $6.690 ( 0.15%) 155,700 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 02/16/05 $6.810 1.79% 214,900 CIBC World Markets CIBCWM Early Edition Morning Research Summary 02/17/05 $7.110 4.41% 200,600 The Daily Express We are winning the war against wrinkles 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 52  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ express yourself - With new treatments emerging every month, the b and wrinkles has never been more high-tech.We spoke to seven women  ues to fight the ageing process 02/18/05 $7.730 8.72% 639,600 AFX UK Focus Highlights of rising and falling U.S. stocks - UPDATE 2 .  Advancers Advanced Energy Industries rallied more than 12 percent  lo., semiconductor manufacturing technology company said it would  ability in the first quarter, in spite of a lower ... 02/18/05 $7.730 8.72% 639,600 Associated Press Newswi.. Isolagen shares up on study results  HOUSTON (AP) - Shares of Isolagen Inc. jumped more than 10 percent  ology company reported that follow-up trial data showed the cosmet ollagen-injection system lasted at least one year. 02/18/05 $7.730 8.72% 639,600 CIBC World Markets ILE: Isolagen Process Benefit Sustained at 12 Months02/18/05 $7.730 8.72% 639,600 Dow Jones News Service Isolagen Process Exploratory Phase III 12-Month Data Positive  HOUSTON (Dow Jones)--Isolagen Inc.'s (ILE) 12-month follow-up data  cal trial showed positive effects in patients who received the Iso ed to improve defects in the skin's contour such as ... 02/18/05 $7.730 8.72% 639,600 Legg Mason Wood Walker Isolagen (ILE) Presents Positive 12-month Data From Previous Phase 02/18/05 $7.730 8.72% 639,600 PR Newswire (U.S.) Isolagen Process Exploratory Phase III 12-Month Data Positive Posi a to Be Presented at American Academy of  HOUSTON, Feb. 18 /PRNewswire-FirstCall/ -- Isolagen, Inc, today an nth follow-up data from a Phase III Exploratory Clinical Trial ind effects in patients who received the Isolagen Process. ... 02/18/05 $7.730 8.72% 639,600 Reuters Significant Dev.. Isolagen, Inc. Announces 12-Month Follow-Up data From a Phase III  ..  Date Announced: 20050218 Isolagen, Inc. announced that the 12-mont ase III Exploratory Clinical Trial indicates sustained positive ef ived the Isolagen Process. The Exploratory Phase III ... 02/18/05 $7.730 8.72% 639,600 SEC Filing Form 8-K 02/19/05 . . . AFX Asia Highlights of rising and falling U.S. stocks - UPDATE 2 .  Highlights of rising and falling U.S. stocks - UPDATE 2 Advancers  rallied more than 12 percent after the Fort Collins, Colo., semico hnology company said it would return to ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 53  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________02/22/05 $8.010 3.62% 578,300 Adams Harkness, Inc. ILE: Update from the AAD; Reiterate Buy 02/22/05 $8.010 3.62% 578,300 BIOWORLD Today OTHER NEWS TO NOTE.(drug development to cure diseases) ..  Abbott Laboratories, of Abbott Park, Ill., said psoriasis patients  significant improvement in disease activity and quality of life th nt, according to new Phase II data. The study assessed ... 02/22/05 $8.010 3.62% 578,300 Bloomberg . . . . . . . . BN Largest Amex Short Interest as a Percentage of Free Float . . . . Feb 22 2005 16:01 . . . . By Bing Xiao . . . . Feb. 22 (Bloomberg) -- The following table ranks companies listed . . . . the American Stock Exchange that have more than 10 percent of thei. . . . available for trading sold short by investors in mid-February. . . . . *T . . . . Short Interest Short Interest Equity Float . . . . Ticker Name / Float % (In mln shrs) (In mln shrs) . . . . ==================================================================. . . . . . . . 02/22/05 $8.010 3.62% 578,300 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 02/22/05 $8.010 3.62% 578,300 Dow Jones News Service AMEX Short Interest: Apex Silver Mines - Wheaton River 02/22/05 $8.010 3.62% 578,300 M2 Presswire Genentech and Biogen present results  City of Industry, CA - Biotech industry news provided by Financial  entech, Inc. (NYSE: DNA) recently presented final results from a l sustained improvement in psoriasis symptoms throughout ... 02/23/05 $8.050 0.50% 224,000 Company Reports Isolagen announces full facial self-rejuvenation treatment  Isolagen Europe Ltd announced on 23 Feb 2005 a new method for full  and wrinkles. Isolagen is the ground breaking anti-ageing treatmen wn cells to repair and rejuvenate the skin. Based on the ... 02/23/05 $8.050 0.50% 224,000 PR Newswire (U.S.) Isolagen Obtains New Space While the Company Further Executes on I HOUSTON, Feb. 23 /PRNewswire-FirstCall/ -- Isolagen, Inc. announce definitive agreement for terms for manufacturing facility space an on, Pennsylvania, while simultaneously executing a lease ... 02/23/05 $8.050 0.50% 224,000 SEC Filing Form 8-K 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 54  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________02/24/05 $7.900 ( 1.86%) 98,800 02/25/05 $7.730 ( 2.15%) 109,600 BIOWORLD Today Other News To Note  Australian Cancer Technology, of Sydney, Australia, said that Phas any's lead vaccine immunostimulant GPI-0100 demonstrated enhanced  s with relapsed prostate cancer. The results of the ... 02/28/05 $7.510 ( 2.85%) 92,700 03/01/05 $7.560 0.67% 153,900 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 03/02/05 $7.530 ( 0.40%) 51,500 03/03/05 $7.670 1.86% 162,100 03/04/05 $7.670 0.00% 78,900 03/07/05 $7.530 ( 1.83%) 91,500 03/08/05 $7.350 ( 2.39%) 130,100 PR Newswire (U.S.) Isolagen, Inc. to Present at the Lehman Brothers Eighth Annual Glo ..  HOUSTON, March 8 /PRNewswire-FirstCall/ -- Robert J. Bitterman, Pr Inc. will present at the Lehman Brothers Eighth Annual Global Heal ay, April 1, 2005 at 8:30 AM ET at the Loews Miami ... 03/08/05 $7.350 ( 2.39%) 130,100 SEC Filing Form 8-K 03/09/05 $7.060 ( 3.95%) 147,200 03/10/05 $7.050 ( 0.14%) 247,300 Dow Jones News Service Isolagen Reports Positive Study Results In Treatment Of Periodonta03/10/05 $7.050 ( 0.14%) 247,300 PR Newswire (U.S.) Isolagen's Positive Study Results in Treatment of Periodontal Dise R/AADR Meeting in Baltimore Dr. Otis Bouwsm..  HOUSTON, March 10 /PRNewswire-FirstCall/ -- Isolagen, Inc. announc eleased and reported dental clinical study findings will be presen rd General Session & Exhibition of the International ... 03/10/05 $7.050 ( 0.14%) 247,300 SEC Filing Form 8-K 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 55  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/11/05 $7.240 2.70% 400,800 Bloomberg By Bing Xiao . . . . March 14 (Bloomberg) -- The following tables show the . . . . biggest increases and decreases in analysts' average ratings, . . . . according to Bloomberg data, for companies in the Russell 2000 . . . . Index from March 7. . . . . Bloomberg assigns a number to each rating that ranges from . . . . 1 to 5, with 5 being the highest recommendation. To calculate . . . . the average, these numbers are added together and the total is . . . . . . . . . . . . BN Daily Russell 2000 Stocks With Biggest Changes in Ratings . . . . Mar 11 2005 9:20 . . . . By David Pierson . . . . March 11 (Bloomberg) -- The following tables show the . . . . biggest increases and decreases in analysts' average ratings, . . . . according to Bloomberg data, for companies in the Russell 2000 . . . . Index from March 10. . . . . Bloomberg assigns a number to each rating that ranges from 1 . . . . to 5, with 5 being the highest recommendation. To calculate the . . . . average, these numbers are added together and the total is . . . . . . . . . . . . BN Isolagen Rated New `Neutral 2' at UBS :ILE US . . . . Mar 11 2005 7:07 . . . . Princeton, New Jersey, March 11 (Bloomberg Data) -- Isolagen Inc. . . . . US) was rated new ``neutral 2'' in new coverage by analyst Patrick . . . . UBS. The 12-month price target is $8.00 per share. . . . . --Betty Guarino in Princeton, New Jersey, (+1)609-279-5554. . . . . 03/11/05 $7.240 2.70% 400,800 CIBC World Markets ILE: ILE Expects FDA Approval in 2006, Not 2008 03/11/05 $7.240 2.70% 400,800 Houston Chronicle Biotech firm's base is shifting to Pennsylvania  A Houston biotech company developing a new anti-aging wrinkle trea ox is moving its headquarters to Pennsylvania. But Isolagen will n g out so much as its new executives will simply not be ... 03/11/05 $7.240 2.70% 400,800 Houston Chronicle Biotech firm's base is shifting to Pennsylvania  A Houston biotech company developing a new anti-aging wrinkle trea ox is moving its headquarters to Pennsylvania. But Isolagen will n g out so much as its new executives will simply not be ... 03/11/05 $7.240 2.70% 400,800 UBS Equities Isolagen Inc. "Initiating Coverage With Neutral 2 Rating" (Neutral 03/11/05 $7.240 2.70% 400,800 UBS Equities U.S. Morning Meeting Highlights 11-Mar-05 03/14/05 $7.330 1.24% 118,400 BioWorld Financial Watc.. Clinical trials update: February 2005 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 56  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/14/05 $7.330 1.24% 118,400 Bloomberg . . . . . . . . BN Weekly Russell 2000 Stocks With Biggest Changes in Ratings . . . . Mar 14 2005 9:21 . . . . Isolagen To Host Conference Call To Discuss Full Year And Fourth Q HOUSTON, March 14 /PRNewswire-FirstCall/ -- Isolagen, Inc. will ho rch 15, 2005 beginning at 5:00 P.M. ET to discuss the Company's fu quarter 2004 results and provide a business update. 03/14/05 $7.330 1.24% 118,400 SEC Filing Form 8-K 03/15/05 $7.150 ( 2.46%) 107,800 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 03/15/05 $7.150 ( 2.46%) 107,800 Dow Jones Corporate Fil.. Isolagen FY04 Losses 71c/Shr Vs 70c  WASHINGTON (Dow Jones)--The following table is a summary of Isolag information for the fiscal year ended Dec. 31, 2004, as disclosed  port Tuesday with the Securities and Exchange ... 03/15/05 $7.150 ( 2.46%) 107,800 Dow Jones Corporate Fil.. CFA Late Summary Of Small-Cap Headlines  This list comprises headlines of stories about small-capitalizatio rporate Filings Alert on Tuesday. This list is in chronological or EST. Stories can be searched by company ... 03/15/05 $7.150 ( 2.46%) 107,800 SEC Filing Form 10-K 03/15/05 $7.150 ( 2.46%) 107,800 The Evening Standard BY ALICE HART DAVIS  BY ALICE HART DAVIS A new injectable wrinkle-filler is being hyped  er Botox. It's a big claim, as there are already some 70 wrinkle-f in the UK, most of them inadequately regulated. 03/15/05 $7.150 ( 2.46%) 107,800 UBS Equities Isolagen Inc. "Isolagen Reports 2004 Results" (Neutral 2) Pace 03/16/05 $7.130 ( 0.28%) 120,200 Adams Harkness, Inc. ILE: 4Q Revenue Upside, Building for 2006; Reiterate Buy 03/16/05 $7.130 ( 0.28%) 120,200 CIBC World Markets ILE: Reports Upside Revenue for 4Q04 03/16/05 $7.130 ( 0.28%) 120,200 Legg Mason Wood Walker Reports Solid 4Q04 Results; Execution Over the Next 12 Months Is C

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 57  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/16/05 $7.130 ( 0.28%) 120,200 UBS Equities Global Daily Dose 16-Mar-05 Bourdot 03/16/05 $7.130 ( 0.28%) 120,200 UBS Equities U.S. Morning Meeting Highlights 16-March-05 03/17/05 $6.930 ( 2.81%) 90,300 03/18/05 $6.890 ( 0.58%) 152,700 03/21/05 $6.880 ( 0.15%) 142,000 Biotech Business Week Business Update; Biotechnology company executes lease for new rese 2005 MAR 21 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 03/21/05 $6.880 ( 0.15%) 142,000 Biotech Business Week Facial Contour Deformities; Sustained positive effects reported in  Isolagen Process  2005 MAR 21 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/21/05 $6.880 ( 0.15%) 142,000 Bloomberg . . . . . . . . BN Largest Amex Short Interest as a Percentage of Free Float . . . . Mar 21 2005 16:01 . . . . By Bing Xiao . . . . March 21 (Bloomberg) -- The following table ranks companies listed . . . . the American Stock Exchange that have more than 10 percent of thei. . . . available for trading sold short by investors in mid-March. . . . . *T . . . . Short Interest Short Interest Equity Float . . . . Ticker Name / Float % (In mln shrs) (In mln shrs) . . . . ==================================================================. . . . . . . . 03/21/05 $6.880 ( 0.15%) 142,000 Bloomberg . . . . BN Biggest Amex Increases, Decreases in Short Interest vs Float . . . . Mar 21 2005 16:34 . . . . By Bing Xiao . . . . March 21 (Bloomberg) -- The following tables show companies listed . . . . the American Stock Exchange that have the largest changes in short . . . . as a percentage of shares available for trading in the latest mont. . . . *T . . . . TOP 10 INCREASES IN SHORT INTEREST VS FLOAT . . . . Mid-March Mid-Feb . . . . Short Interest Short Interest . . . . . . . . 03/21/05 $6.880 ( 0.15%) 142,000 Dow Jones News Service AMEX Short Interest: Apex Silver Mines - Wyndham Int'l 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 58  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/21/05 $6.880 ( 0.15%) 142,000 Health & Medicine Week Business Update; Biotechnology company executes lease for new rese 2005 MAR 21 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 03/21/05 $6.880 ( 0.15%) 142,000 Health & Medicine Week Facial Contour Deformities; Sustained positive effects reported in  Isolagen Process  2005 MAR 21 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/21/05 $6.880 ( 0.15%) 142,000 Pharma Business Week Business Update; Biotechnology company executes lease for new rese 2005 MAR 21 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 03/21/05 $6.880 ( 0.15%) 142,000 Pharma Business Week Facial Contour Deformities; Sustained positive effects reported in  Isolagen Process  2005 MAR 21 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/22/05 $6.840 ( 0.58%) 52,700 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 03/22/05 $6.840 ( 0.58%) 52,700 Life Science Weekly Business Update; Biotechnology company executes lease for new rese 2005 MAR 22 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 03/22/05 $6.840 ( 0.58%) 52,700 Life Science Weekly Facial Contour Deformities; Sustained positive effects reported in  Isolagen Process  2005 MAR 22 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/22/05 $6.840 ( 0.58%) 52,700 Science Letter Business Update; Biotechnology company executes lease for new rese 2005 MAR 22 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 59  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/22/05 $6.840 ( 0.58%) 52,700 Science Letter Facial Contour Deformities; Sustained positive effects reported in  Isolagen Process  2005 MAR 22 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/22/05 $6.840 ( 0.58%) 52,700 The Wall Street Journal Short Interest Highlights 03/23/05 $6.800 ( 0.58%) 122,100 Biotech Week Isolagen, Inc. Biotechnology company executes lease for new resear 2005 MAR 23 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 03/23/05 $6.800 ( 0.58%) 122,100 Biotech Week Isolagen, Inc. Sustained positive effects reported in study patien ess ..  2005 MAR 23 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/24/05 $6.720 ( 1.18%) 192,400 03/25/05 . . . Drug Week Business Update; Biotechnology company executes lease for new rese 2005 MAR 25 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 03/25/05 . . . Drug Week Facial Contour Deformities; Sustained positive effects reported in  Isolagen Process  2005 MAR 25 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/26/05 . . . Obesity, Fitness & Well.. Business Update; Biotechnology company executes lease for new rese 2005 MAR 26 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  greement for terms for manufacturing facility space and corporate  ania, while simultaneously executing a lease for a ... 03/26/05 . . . Obesity, Fitness & Well.. Facial Contour Deformities; Sustained positive effects reported in  Isolagen Process  2005 MAR 26 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ta from a phase III exploratory clinical trial indicates sustained  nts who received the Isolagen Process. 03/28/05 $6.490 ( 3.42%) 225,200 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 60  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________03/29/05 $6.310 ( 2.77%) 427,000 Dow Jones Corporate Fil.. CFA 144a Conv Securities To Be Registered With The SEC  WASHINGTON (Dow Jones)--The following table is a list of Rule 144a  ble securities that are expected to be registered soon with the Se ission. 03/29/05 $6.310 ( 2.77%) 427,000 Dow Jones News Service AMEX New 52-Week Highs And Lows 03/30/05 $6.260 ( 0.79%) 158,000 Dow Jones News Service AMEX New 52-Week Highs And Lows 03/31/05 $6.290 0.48% 350,500 Dow Jones News Service AMEX New 52-Week Highs And Lows 04/01/05 $6.480 3.02% 223,900 MarketResearch.com Cosmetic Medicine - Trends in Perception and Procedures 04/04/05 $6.320 ( 2.47%) 236,900 04/05/05 $6.230 ( 1.42%) 291,500 04/06/05 $6.280 0.80% 151,600 Business Wire Rodman & Renshaw Announces its 2nd Annual Global Healthcare Confer o Feature Exciting Public and Private Life  NEW YORK - (BUSINESS WIRE) - April 6, 2005 - Rodman & Renshaw is p s 2nd Annual Global Healthcare Conference will take place at the I aris, from 4th May to 5th May 2005. The Conference, ... 04/06/05 $6.280 0.80% 151,600 Dow Jones International.. Ascom Sells Real Estate For $10 Mln To Isolagen  BERN (Dow Jones)--Swiss diversified industrial company Ascom Holdi sday it sold real estate in Bevaix, Switzerland for $10 million. T (ILE), a U.S.-based biotechnology company. Company Web ... 04/06/05 $6.280 0.80% 151,600 Dow Jones News Service Isolagen Acquires More European Cell Processing Facility 04/06/05 $6.280 0.80% 151,600 Legg Mason Wood Walker Isolagen Acquires European Cell Processing Facility 04/06/05 $6.280 0.80% 151,600 PR Newswire (U.S.) Isolagen Acquires Additional European Cell Processing Facility Cel Increase Capacity for Global Delivery of the  HOUSTON, April 6 /PRNewswire-FirstCall/ -- Isolagen, Inc. announce ed a two-building corporate campus in Bevaix, Canton of Neuchatel,  on. The 100,000 square foot, five-acre facility was ... 04/06/05 $6.280 0.80% 151,600 PR Newswire Europe Isolagen Acquires Additional Cell Processing Facility 04/06/05 $6.280 0.80% 151,600 Reuters Significant Dev.. Isolagen, Inc. Acquires Additional European Cell Processing Facili

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 61  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ Date Announced: 20050406 Isolagen, Inc. announced that it has acqu ate campus in Bevaix, Canton of Neuchatel, Switzerland for $10 mil oot, five-acre facility was acquired from Ascom, a ... 04/07/05 $6.370 1.43% 138,100 BIOWORLD Today OTHER NEWS TO NOTE  AEterna Zentaris Inc., of Quebec, said its subsidiary, Atrium Biot Quebec, completed its initial public offering and secondary offeri bordinate voting shares, issued at $12 a share, for ... 04/08/05 $6.450 1.26% 140,900 Business Wire Houston Wrinkle Reducer Isolagen Smoothes Way to Pennsylvania and  cturing Plants, an Advisory from Industrialinfo  HOUSTON - (BUSINESS WIRE) - April 8, 2005 - Researched by Industri ormation Resources, Incorporated; Houston, Texas). Biopharmaceutic ncorporated is moving confidently forward with an ... 04/08/05 $6.450 1.26% 140,900 Neue Zuercher Zeitung Isolagen settles in Switzerland  US biotechnology company Isolagen plans to establish a subsidiary  witzerland. The company specialises in cell therapies and plans to  ry in 2006 with 30 employees. The workforce will ...04/11/05 $6.500 0.78% 211,200 Company Reports Isolagen secures US commercial manufacturing site on favourable te ovides tax credits, grants and low-interest  Isolagen Inc has leased an 86,500 sq ft facility in Exton, PA, to  uct development, manufacturing and commercialisation of the Isolag eadquarters. The company anticipates an efficient and ... 04/11/05 $6.500 0.78% 211,200 Dow Jones News Service Isolagen Secures US Comml Manufacturing Site On Favorable Terms; C04/11/05 $6.500 0.78% 211,200 PR Newswire (U.S.) Isolagen Secures US Commercial Manufacturing Site on Favorable Ter vides Tax Credits, Grants and Low-Interest Loans  EXTON, Penn., April 11 /PRNewswire-FirstCall/ -- Isolagen, Inc. an leased an 86,500 square foot facility in Exton, PA to serve as its  ent, manufacturing and commercialization of the Isolagen ... 04/11/05 $6.500 0.78% 211,200 Pharma Marketletter Isolagen buys additional European cell processing facility.(Pharma rticle) ..  US firm Isolagen has acquired a two-building corporate campus in B in Switzerland for $10.0 million. The 100,000-square foot, five-ac from Ascom, a Swiss microelectronics and information ... 04/11/05 $6.500 0.78% 211,200 SEC Filing Form 8-K 04/12/05 $6.390 ( 1.69%) 209,100 Associated Press Newswi.. News in brief from the Philadelphia area  EXTON, Pa. (AP) - A biotechnology company seeking Food and Drug Ad a wrinkle therapy is relocating its corporate headquarters and man

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 62  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ xton from Houston. 04/12/05 $6.390 ( 1.69%) 209,100 BIOWORLD Today OTHER NEWS TO NOTE  Adventrx Pharmaceuticals Inc., of San Diego, said data collected f hase II trial in metastatic colorectal cancer and a recent preclin oxicity and antitumor activity of CoFactor used in ... 04/12/05 $6.390 ( 1.69%) 209,100 SEC Filing Form 8-K 04/12/05 $6.390 ( 1.69%) 209,100 The Philadelphia Inquir.. Houston biotechnology firm to move to Exton, Pa 04/12/05 $6.390 ( 1.69%) 209,100 The Philadelphia Inquir.. Following creaseless dreams to Exton; Isolagen, seeking approval o kin, is moving its headquarters from Houston  A biotechnology company developing a wrinkle therapy is relocating  s and manufacturing operations to Exton from Houston. 04/13/05 $6.090 ( 4.69%) 58,500 Courier-Post Exton will be new home for Texas biotech firm  EXTON, Pa. -- A biotechnology company seeking Food and Drug Admini inkle therapy is relocating its corporate headquarters and manufac from Houston. 04/13/05 $6.090 ( 4.69%) 58,500 The Philadelphia Daily .. CITY/REGION 04/14/05 $5.810 ( 4.60%) 255,700 Dow Jones Corporate Fil.. Isolagen Seeks To Double Auth Cmn Shrs To 100M  WASHINGTON (Dow Jones)--Isolagen Inc. (ILE) is seeking shareholder  number of its authorized shares of common stock to 100 million fro a proxy filed Thursday with the Securities and Exchange ... 04/14/05 $5.810 ( 4.60%) 255,700 Dow Jones Corporate Fil.. CFA Midday Summary Of Small-Cap Headlines  This list comprises headlines of stories about small-capitalizatio rporate Filings Alert from 9 a.m. to 1 p.m. EDT on Thursday. It is  tories can be searched by company and ticker ... 04/14/05 $5.810 ( 4.60%) 255,700 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE AFTERNOON'S TOP NEWS  Ross Stores: Lease Restatement Cuts FY02, 03 Net By $1.6M >ROST -  ; Seeks To Modify Loan Covenants >ROW - 14:45 Epicus Communication SEC >EPUCQ - 12:55 Cummins CEO 2004 Bonus ... 04/14/05 $5.810 ( 4.60%) 255,700 Dow Jones News Service Isolagen Seeks To Double Auth Cmn Shrs To 100M 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 63  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________04/14/05 $5.810 ( 4.60%) 255,700 SEC Filing Form PRE14A 04/15/05 $5.260 ( 9.47%) 287,100 Dow Jones News Service AMEX New 52-Week Highs And Lows 04/18/05 $5.080 ( 3.42%) 265,200 Dow Jones News Service AMEX New 52-Week Highs And Lows 04/18/05 $5.080 ( 3.42%) 265,200 Pharma Marketletter Isolagen acquires new Swiss facility.(Switzerland)(Brief Article)  Isolagen has acquired a two-building corporate campus in Bevaix, C rland, for $10.0 million. The 100,000-square foot, five-acre facil iss computer firm. According to the company, the total ... 04/19/05 $5.150 1.38% 255,600 Associated Press Newswi.. Isolagen names new finance chief  EXTON, Pa. (AP) - Isolagen Inc., which is developing cell-based th e and cosmetic procedures, said Tuesday it has named Martin E. Sch ent and chief financial officer. 04/19/05 $5.150 1.38% 255,600 Associated Press Newswi.. EXTON, Pa. (AP) - Isolagen Inc., a company that develops therapies  EXTON, Pa. (AP) - Isolagen Inc., a company that develops therapies  ssue, has appointed Martin E. Schmieg as its new chief financial o hold the title of senior vice president. 04/19/05 $5.150 1.38% 255,600 Dow Jones News Service Martin E. Schmieg Appointed Isolagen Fincl Chief .. 04/19/05 $5.150 1.38% 255,600 PR Newswire (U.S.) Martin E. Schmieg Appointed Isolagen Chief Financial Officer ..  EXTON, Pa., April 19 /PRNewswire-FirstCall/ -- Isolagen, Inc. is p ointment of Martin E. Schmieg as Senior Vice President and Chief F ompany. 04/19/05 $5.150 1.38% 255,600 Reuters News Isolagen names chief financial officer 04/19/05 $5.150 1.38% 255,600 Reuters Significant Dev.. Isolagen, Inc. Appoints New Chief Financial Officer .. 04/19/05 $5.150 1.38% 255,600 SEC Filing Form S-3/A 04/20/05 $5.460 6.02% 267,800 M2 EquityBites New Chief Financial Officer of Isolagen announced  Isolagen, Inc. (Amex:ILE), a developer of autologous cellular ther ssue regeneration, has announced the appointment of Martin E. Schm nt and Chief Financial Officer for the company. 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 64  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________04/21/05 $5.600 2.56% 218,500 Bloomberg . . . . . . . . BN Largest Amex Short Interest as a Percentage of Free Float . . . . Apr 21 2005 16:01 . . . . By Bing Xiao . . . . April 21(Bloomberg) -- The following table ranks companies listed . . . . the American Stock Exchange that have more than 10 percent of thei. . . . available for trading sold short by investors in mid-April. . . . . *T . . . . Short Interest Short Interest Equity Float . . . . Ticker Name / Float % (In mln shrs) (In mln shrs) . . . . ==================================================================. . . . . . . . 04/21/05 $5.600 2.56% 218,500 Dow Jones News Service AMEX Short Interest: Apex Silver Mines - Yamana Gold Inc 04/21/05 $5.600 2.56% 218,500 UBS Equities Advanced Medical Devices "First Quarter 2005 Results Preview" Pac04/21/05 $5.600 2.56% 218,500 UBS Equities U.S. Morning Meeting Highlights 21-Apr-05 04/22/05 $5.880 5.00% 403,200 AFX Asia Wall Street outlook - U.S. futures drift, Kodak in early focus .  LONDON (XFN-ASIA) -- U.S. stock futures were drifting early Friday ion for consolidation after the Dow industrials surge on Thursday.  36 points at 10,190 at 7 a.m. eastern. Yet the 9% rally ... 04/22/05 $5.880 5.00% 403,200 AFX Asia Wall Street outlook - U.S. futures drift, Google rallies in pre-op 1 LONDON (XFN-ASIA) -- U.S. stock futures were drifting early Frid ation for consolidation after the Dow industrials surge on Thursda wn 23 points at 10,203 at 8 a.m. eastern. Yet the 11% ... 04/22/05 $5.880 5.00% 403,200 Bloomberg By Bing Xiao . . . . April 25 (Bloomberg) -- The following tables show the . . . . biggest increases and decreases in analysts' average ratings, . . . . according to Bloomberg data, for companies in the Russell 2000 . . . . Index from April 18. . . . . Bloomberg assigns a number to each rating that ranges from . . . . 1 to 5, with 5 being the highest recommendation. To calculate . . . . the average, these numbers are added together and the total is . . . . . . . . . . . . BN Russell 2000 Stocks With Biggest Daily Changes in Ratings . . . . Apr 22 2005 9:58 . . . . By Bing Xiao . . . . April 22 (Bloomberg) -- The following tables show the . . . . biggest increases and decreases in analysts' average ratings, . . . . according to Bloomberg data, for companies in the Russell 2000 . . . . Index from April 21. . . . . Bloomberg assigns a number to each rating that ranges from . . . . 1 to 5, with 5 being the highest recommendation. To calculate . . . . the average, these numbers are added together and the total is 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 65  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . . . . . . . . . BN Isolagen Raised to `Buy 2' at UBS :ILE US . . . . Apr 22 2005 7:36 . . . . Princeton, New Jersey, April 22 (Bloomberg Data) -- Isolagen Inc. . . . . US) was raised to ``buy 2'' from ``neutral 2'' by analyst Patrick . . . . UBS. The 12-month price target is $8.00 per share. . . . . --Betty Guarino in Princeton, New Jersey, (+1)609-279-5554. . . . . 04/22/05 $5.880 5.00% 403,200 CFO.com CFOs on the Move 04/22/05 $5.880 5.00% 403,200 Reuters News RESEARCH ALERT-UBS raises Isolagen to 'buy' 04/22/05 $5.880 5.00% 403,200 SEC Filing Form 8-K 04/22/05 $5.880 5.00% 403,200 The Wall Street Journal Short Interest Highlights 04/22/05 $5.880 5.00% 403,200 UBS Equities Isolagen Inc. "Upgrading to Buy 2 from Neutral 2" (Buy 2) Pace 04/22/05 $5.880 5.00% 403,200 UBS Equities UBS U.S. Small & Mid Cap Spotlight 22 April 2005 04/22/05 $5.880 5.00% 403,200 UBS Equities US Morning Research Notes 22-Apr-05 04/25/05 $4.410 ( 25.00%) 2,528,900 AFX UK Focus Highlights of rising and falling U.S. stocks - UPDATE 1 .  Advancers Apple Computer shares advanced 3.7% after the company wa rom neutral at CS First Boston on the belief that the next leg up  n by the company's success in the PC market, as its Mac ... 04/25/05 $4.410 ( 25.00%) 2,528,900 AFX UK Focus Highlights of rising and falling U.S. stocks - UPDATE 2 .  Advancers Apple Computer shares advanced 3.7% after the company wa rom neutral at CS First Boston on the belief that the next leg up  n by the company's success in the PC market, as its Mac ... 04/25/05 $4.410 ( 25.00%) 2,528,900 Associated Press Newswi.. Isolagen CEO Robert Bitterman resigns 04/25/05 $4.410 ( 25.00%) 2,528,900 Bloomberg . . . . . . . . BN Isolagen, KVH Industries, Nasdaq, Weyco: U.S. Equity Movers . . . . Apr 25 2005 12:07 . . . . By Ludwig Marek . . . . April 25 (Bloomberg) -- The following is a list of companies . . . . whose shares are having unusual price changes in U.S. markets as . . . . of 11:40 a.m. New York time. Stock symbols are in parentheses 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 66  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . after company names. . . . . Altair Nanotechnologies Inc. (ALTI US) rose 17 cents, or 6.1 . . . . percent, to $2.94 and traded as high as $3.15. The developer of . . . . extremely small particles for the drug and energy industries and . . . . . . . . 04/25/05 $4.410 ( 25.00%) 2,528,900 Bloomberg . . . . BN Russell 2000 Stocks With Biggest Weekly Changes in Ratings . . . . Apr 25 2005 9:06 . . . . ILE: Bob Bitterman Resigns As CEO; Still Believes in Technology 04/25/05 $4.410 ( 25.00%) 2,528,900 Dow Jones Corporate Fil.. CFA Newsworthy Convertible Price Indications For 4/25  4/25/05 Published by the Dow Jones Corporate Filings Alert Convert table represents convertible securities price indications as of Mo e or recent 04/25/05 $4.410 ( 25.00%) 2,528,900 Dow Jones News Service Isolagen Seeks New Chief Executive Officer 04/25/05 $4.410 ( 25.00%) 2,528,900 Dow Jones News Service AMEX New 52-Week Highs And Lows 04/25/05 $4.410 ( 25.00%) 2,528,900 Legg Mason Wood Walker Robert Bitterman Resigns from Isolagen; Maintaining Buy Rating 04/25/05 $4.410 ( 25.00%) 2,528,900 Nightly Business Report Nightly Business Report  PAUL KANGAS, NIGHTLY BUSINESS REPORT ANCHOR: Investors on Wall Str e merger deal in the energy sector, a merger with a price tag of a eal that creates the country`s largest refiner of crude ... 04/25/05 $4.410 ( 25.00%) 2,528,900 PR Newswire (U.S.) Isolagen Seeks New Chief Executive Officer Key Science, Finance an to Focus on Strategic Goals and  EXTON, Pa., April 25 /PRNewswire-FirstCall/ -- Isolagen, Inc. anno n resigned as President, Chief Executive Officer and director of t04/25/05 $4.410 ( 25.00%) 2,528,900 Reuters News Isolagen CEO resigns  BANGALORE, April 25 (Reuters) - Isolagen Inc. (ILE.A), which speci n tissue, said on Monday its Chief Executive Officer and President  gned. 04/25/05 $4.410 ( 25.00%) 2,528,900 Reuters Significant Dev.. Isolagen, Inc 04/25/05 $4.410 ( 25.00%) 2,528,900 UBS Equities First Read: Isolagen Inc. "Isolagen CEO Resigns" (Buy 2) Pace 04/26/05 $4.550 3.17% 625,500 Adams Harkness, Inc. ILE: Unexpected CEO Departure; Fundamentals Still Intact 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 67  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________04/26/05 $4.550 3.17% 625,500 BIOWORLD Today OTHER NEWS TO NOTE  BioAlliance Pharma, of Paris, reported that one of its lead produc was granted orphan drug status for the treatment of hepatocellular  e product is completing Phase I/II testing in the EU for ... 04/26/05 $4.550 3.17% 625,500 The Philadelphia Inquir.. Head of Houston biotechnology firm resigns 04/26/05 $4.550 3.17% 625,500 The Philadelphia Inquir.. Isolagen says its CEO has resigned 04/26/05 $4.550 3.17% 625,500 UBS Equities Global Daily Dose 26-Apr-05 Kiley 04/27/05 $4.550 0.00% 313,800 Bloomberg . . . . . . . . BN Russell 2000 Stocks With Highest, Lowest Average Analyst Rating . . . . Apr 27 2005 9:14 . . . . By Wendy Soong . . . . April 27 (Bloomberg) -- The following tables show the highest and . . . . lowest average analyst ratings for stocks in the Russell 2000 . . . . Index as of April 27. . . . . Bloomberg assigns a number to each rating that ranges from 1 to 5, . . . . with 5 being the highest recommendation. To calculate the average, . . . . numbers are added together and the total is divided by how many . . . . recommendations were made during the past 12 months. The target pr. . . . . . . . 04/27/05 $4.550 0.00% 313,800 SEC Filing Form 8-K 04/28/05 $4.700 3.30% 336,200 Bloomberg . . . . . . . . BN BE, Cirrus, Clark, Hansen: U.S. Equity Movers Final (Correct) . . . . Apr 28 2005 19:58 . . . . (Corrects licensees in Tessera Technologies Inc. item that . . . . ran April 25.) . . . . By Ludwig Marek . . . . April 25 (Bloomberg) -- The following is a list of companies . . . . whose shares had unusual price changes in U.S. markets as of 4:15 . . . . p.m. New York time. Stock symbols are in parentheses after . . . . company names. . . . . Altair Nanotechnologies Inc. (ALTI US) rose 14 cents, or 5.1 . . . . . . . . 04/28/05 $4.700 3.30% 336,200 SEC Filing Form 10-K/A 04/29/05 $4.850 3.19% 280,500 SEC Filing Form DEF14A 05/02/05 $4.590 ( 5.36%) 277,500 Biotech Business Week Business Update; Maker of cellular therapies for tissue regenerati and  2005 MAY 2 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 68  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 05/02/05 $4.590 ( 5.36%) 277,500 Birmingham Post Baldness cure may be a jab away  Banishing baldness or getting rid of stretch marks could one day b njection of skin cells. Scientists are celebrating amazing results  fibroblasts to treat burns victims after the method ... 05/02/05 $4.590 ( 5.36%) 277,500 Health & Medicine Week Business Update; Maker of cellular therapies for tissue regenerati and  2005 MAY 2 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 05/02/05 $4.590 ( 5.36%) 277,500 Mirror THE JAB THAT COULD CURE BALDNESS  BALDNESS could soon be cured with an injection of cells, scientist orks by taking a biopsy of healthy cells from the hairy part of th then injecting them into the thinning patch. 05/02/05 $4.590 ( 5.36%) 277,500 SEC Filing Form S-3/A 05/02/05 $4.590 ( 5.36%) 277,500 Scottish Daily Record Cell jab to cure baldness  BALDNESS may soon be cured by a simple injection of skin cells, sc y. The revolutionary cosmetic treatment - fibroblast - can also im ckle gum disease. 05/02/05 $4.590 ( 5.36%) 277,500 The Independent Injection may cure baldness  Banishing baldness or getting rid of stretch marks could be as sim of skin cells. Scientists at the biotech company Isolagen in Houst emistry & Industry magazine that they got good ... 05/02/05 $4.590 ( 5.36%) 277,500 The Times Repair work  A Texas biotech company claims to be developing a treatment for ba um disease. The technique from Isolagen involves the injection of  ls that control levels of the proteins collagen and ... 05/02/05 $4.590 ( 5.36%) 277,500 The Times Scientists discover ultimate 'cure-all'  A TREATMENT for balding men, women with stretchmarks and anyone wh been discovered by scientists. As cure-alls go, an injection of fi mate. 05/02/05 $4.590 ( 5.36%) 277,500 The Western Mail Skin-deep cells could bring cure for baldness 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 69  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ Stretch marks and baldness are just two of the ways Mother Nature  t we"re not getting any younger. But scientists believe they have  fects of the relentless march of time on the human ... 05/03/05 $4.450 ( 3.05%) 435,800 Associated Press Newswi.. Isolagen names chairman as interim CEO  EXTON, Pa. (AP) - Isolagen Inc., a developer of tissue regeneratio at Chairman Frank M. DeLape will assume the position of interim ch eplace Robert Bitterman, who resigned last week after ... 05/03/05 $4.450 ( 3.05%) 435,800 Dow Jones News Service Isolagen Names Interim CEO And Announces Key Management Moves; Red05/03/05 $4.450 ( 3.05%) 435,800 Herald-Sun Injecting a new look  BANISHING baldness or getting rid of stretch marks could one day b njection of skin cells. Scientists have been celebrating amazing r own as fibroblasts to treat burns victims. 05/03/05 $4.450 ( 3.05%) 435,800 Hindustan Times Skin cell injections may treat baldness  Indo-Asian News Service London, May 3 -- Scientists are hoping tha at has shown promising results in treating burns victims would one  nting baldness. 05/03/05 $4.450 ( 3.05%) 435,800 Legg Mason Wood Walker Personnel Update; Officially Lowers Revenue Guidance05/03/05 $4.450 ( 3.05%) 435,800 Life Science Weekly Business Update; Maker of cellular therapies for tissue regenerati and  2005 MAY 3 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 05/03/05 $4.450 ( 3.05%) 435,800 PR Newswire (U.S.) Isolagen Names Interim CEO and Announces Key Management Moves; Red ast to $15 Million From $20 Million  EXTON, Pa., May 3 /PRNewswire-FirstCall/ -- Isolagen, Inc. announc hairman, will assume the position of interim Chief Executive Offic has successfully led the Board of Directors and the ... 05/03/05 $4.450 ( 3.05%) 435,800 Reuters Significant Dev.. Isolagen, Inc. Appoints New Interim Chief Executive Officer .. 05/03/05 $4.450 ( 3.05%) 435,800 SEC Filing Form 8-K 05/03/05 $4.450 ( 3.05%) 435,800 Science Letter Business Update; Maker of cellular therapies for tissue regenerati and  2005 MAY 3 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 70  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/04/05 $4.650 4.49% 240,200 BIOWORLD Today OTHER NEWS TO NOTE.(drug development) ..  Acuity Pharmaceuticals Inc., of Philadelphia, reported that the in from the Phase I study of its lead candidate for macular degenerat e positive, with no drug-related adverse events. The ... 05/04/05 $4.650 4.49% 240,200 Biotech Week Isolagen, Inc. Maker of cellular therapies for tissue regeneration  d ..  2005 MAY 4 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 05/04/05 $4.650 4.49% 240,200 Birmingham Post OMNIA LAUNCH PARTY  Omnia, a new business for cosmetics, dentistry and beauty was laun 3 Station Road, Wythall, with the main guest being Dr Chan, founde teeth whitening system). Guests also included Richard ... 05/04/05 $4.650 4.49% 240,200 Bloomberg . . . . . . . . BN Russell 2000 Stocks With Highest, Lowest Average Analyst Rating . . . . May 4 2005 9:46 . . . . By Wendy Soong . . . . May 4 (Bloomberg) -- The following tables show the highest and . . . . lowest average analyst ratings for stocks in the Russell 2000 . . . . Index as of May 4. . . . . Bloomberg assigns a number to each rating that ranges from 1 to 5, . . . . with 5 being the highest recommendation. To calculate the average, . . . . numbers are added together and the total is divided by how many . . . . recommendations were made during the past 12 months. The target pr. . . . . . . . 05/04/05 $4.650 4.49% 240,200 Bristol Evening Post Skin cell boost may beat stretch marks 05/05/05 $4.610 ( 0.86%) 129,700 Mirror Body talk: NIPS, TUCKS & CHEATS  Surgery, salon or shop? HOLDING BACK THE YEARS WITH THE LATEST COS ION.. BUT WE"RE NOT ALL RICH OR BRAVE ENOUGH. THANKFULLY, THERE AR #NAME? 05/06/05 $4.460 ( 3.25%) 151,600 Drug Week Business Update; Maker of cellular therapies for tissue regenerati and  2005 MAY 6 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 05/06/05 $4.460 ( 3.25%) 151,600 PR Newswire (U.S.) Isolagen to Host Conference Call to Discuss First Quarter 2005  EXTON, Pa., May 6 /PRNewswire-FirstCall/ -- Isolagen, Inc. , will 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 71  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ May 10, 2005 beginning at 5:00 P.M. EDT to discuss the Company's f and provide a business update. 05/07/05 . . . Obesity, Fitness & Well.. Business Update; Maker of cellular therapies for tissue regenerati and  2005 MAY 7 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 05/07/05 . . . Townsville Bulletin Injecting hope into bald men 05/08/05 . . . Medical Devices & Surgi.. Business Update; Maker of cellular therapies for tissue regenerati and  2005 MAY 8 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that i g corporate campus in Bevaix, Canton of Neuchatel, Switzerland for 05/09/05 $4.500 0.90% 157,200 Biotech Business Week Business Update; Biotech company secures U.S. commercial manufactu 2005 MAY 9 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  uare foot facility in Exton, Pennsylvania, to serve as its site fo ufacturing and commercialization of the Isolagen Process ... 05/09/05 $4.500 0.90% 157,200 Business Wire UBS Hosts Global Pharmaceuticals Conference  NEW YORK - (BUSINESS WIRE) - May 9, 2005 - UBS (NYSE:UBS): WHAT: T als Conference will feature presentations by over 90 pharmaceutica ent countries. The ... 05/09/05 $4.500 0.90% 157,200 Daily Mail THE KNIFE COACH  EACH week, Lifestyle's resident Knife Coach Wendy Lewis answers yo ns. I AM interested in having a facelift but do not want to have c anything that I can try that is natural and will make ... 05/09/05 $4.500 0.90% 157,200 Daily Mail DECADES OF BEAUTY  Tailor-make your beauty treatments to your age if you want to hold  ix: Make the most of your natural glow with a simple skincare rout T-zone are nothing a facial can't handle. If ... 05/09/05 $4.500 0.90% 157,200 Dow Jones Corporate Fil.. Isolagen Appoints Todd Greenspan As Controller 05/09/05 $4.500 0.90% 157,200 Dow Jones Corporate Fil.. Isolagen Appoints Todd Greenspan As Controller  WASHINGTON (Dow Jones)--Isolagen Inc. (ILE) said Monday that it ha serve as the company's corporate controller. Isolagen said in a fi nd Exchange Commission that Greenspan will receive a ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 72  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/09/05 $4.500 0.90% 157,200 Dow Jones Corporate Fil.. CFA Late Summary Of Small-Cap Headlines  This list comprises headlines of stories about small-capitalizatio rporate Filings Alert on Monday. This list is in chronological ord DT. Stories can be searched by company and ticker ... 05/09/05 $4.500 0.90% 157,200 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE EVENING'S TOP NEWS  Merck Sets New CEO Clark's Annual Base Salary At $1.1M >MRK - 16:4 ver Nevada Qui Tam Pricing Suit - 17:15 FlyI Delays Quarterly Fili 9 Cedar Fair: Unable To Complete Quarterly ... 05/09/05 $4.500 0.90% 157,200 Health & Medicine Week Business Update; Biotech company secures U.S. commercial manufactu 2005 MAY 9 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  uare foot facility in Exton, Pennsylvania, to serve as its site fo ufacturing and commercialization of the Isolagen Process ... 05/09/05 $4.500 0.90% 157,200 Newsquest Media Group N.. Cosmetic treatment innovations 05/09/05 $4.500 0.90% 157,200 Pharma Business Week Business Update; Biotech company secures U.S. commercial manufactu 2005 MAY 9 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  uare foot facility in Exton, Pennsylvania, to serve as its site fo ufacturing and commercialization of the Isolagen Process ... 05/09/05 $4.500 0.90% 157,200 SEC Filing Form 8-K 05/10/05 $4.400 ( 2.22%) 126,200 Dow Jones Corporate Fil.. Isolagen 1Q Losses 21c/Shr Vs 18c  WASHINGTON (Dow Jones)--The following table is a summary of Isolag information for its first quarter ended March 31, as disclosed in  port Tuesday with the Securities and Exchange ... 05/10/05 $4.400 ( 2.22%) 126,200 FD (FAIR DISCLOSURE) WI.. Q1 2005 ISOLAGEN INC Earnings Conference Call - Final  OPERATOR: [Operator Instructions] Good day ladies and Gentlemen, a Isolagen Inc. Earnings Conference Call. My name is Nia, and I will  oday. 05/10/05 $4.400 ( 2.22%) 126,200 FinancialWire FirstAlert: 5 P.M. Investrend / Bestcalls .  (Distributed for Investrend Communications, Inc. via M2 Communicat 10, 2005. (FinancialWire) Conference calls scheduled at 5 p.m. on  artner BestCalls include Critical Therapeutics, Inc. ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 73  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/10/05 $4.400 ( 2.22%) 126,200 Life Science Weekly Business Update; Biotech company secures U.S. commercial manufactu 2005 MAY 10 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  quare foot facility in Exton, Pennsylvania, to serve as its site f nufacturing and commercialization of the Isolagen ... 05/10/05 $4.400 ( 2.22%) 126,200 SEC Filing Form 10-Q 05/10/05 $4.400 ( 2.22%) 126,200 Science Letter Business Update; Biotech company secures U.S. commercial manufactu 2005 MAY 10 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  quare foot facility in Exton, Pennsylvania, to serve as its site f nufacturing and commercialization of the Isolagen ... 05/10/05 $4.400 ( 2.22%) 126,200 The San Diego Union-Tri.. Health | Well news | All the news that's fit  Medtronica www.survivingparalysis.com In 1995, Nick Dangerwood, ak red a quadriplegic after a swimming accident. The years since have  y," but also fulfilling, he says. He created this ... 05/11/05 $4.100 ( 6.82%) 502,400 Adams Harkness, Inc. ILE: Patience Wearing Thin; Moving to MP 05/11/05 $4.100 ( 6.82%) 502,400 Biotech Week Isolagen, Inc. Biotech company secures U.S. commercial manufacturi 2005 MAY 11 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  quare foot facility in Exton, Pennsylvania, to serve as its site f nufacturing and commercialization of the Isolagen ... 05/11/05 $4.100 ( 6.82%) 502,400 Bloomberg By Bing Xiao . . . . May 16 (Bloomberg) -- The following tables show the . . . . biggest increases and decreases in analysts' average ratings, . . . . according to Bloomberg data, for companies in the Russell 2000 . . . . Index from May 9. . . . . Bloomberg assigns a number to each rating that ranges from . . . . 1 to 5, with 5 being the highest recommendation. To calculate . . . . the average, these numbers are added together and the total is . . . . . . . . . . . . BN Apple, Aztar, O'Charleys, Tuesday Morning: U.S. Equity Preview . . . . May 11 2005 7:45 . . . . By Sophie Hayward . . . . May 11 (Bloomberg) -- The following is a list of companies . . . . whose shares may have unusual price changes in U.S. markets . . . . today. This preview includes news that broke after markets closed . . . . yesterday. Stock symbols are in parentheses after company names. . . . . Apple Computer Inc. (AAPL US) lost 68 cents, or $1.87, to . . . . $35.74 in Inet ATS trading. The maker of the Itunes music . . . . download program fell after Yahoo! Inc. (YHOO US) the mostvisited . . . . . . . . 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 74  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/11/05 $4.100 ( 6.82%) 502,400 Bloomberg . . . . BN Isolagen Cut to `Market Perform' at Adams Harkness :ILE US . . . . May 11 2005 6:48 . . . . Princeton, New Jersey, May 11 (Bloomberg Data) -- Isolagen Inc. (I. . . . was downgraded to ``market perform'' from ``buy'' by analyst Jayso. . . . at Adams Harkness. . . . . --Sybil Chahbandour in Princeton, New Jersey, (+1)609-279-3615. . . . . 05/11/05 $4.100 ( 6.82%) 502,400 CIBC World Markets ILE: Revenues Exceed Expectations on Strength in European Procedur05/11/05 $4.100 ( 6.82%) 502,400 Dow Jones Corporate Fil.. CFA Busted Convertibles Table: Additions For April  WASHINGTON (Dow Jones)--The following is a selected list of additi ted convertible securities in April. Convertible securities become  r enough below their conversion value that their ...05/11/05 $4.100 ( 6.82%) 502,400 Dow Jones News Service AMEX New 52-Week Highs And Lows 05/11/05 $4.100 ( 6.82%) 502,400 Legg Mason Wood Walker In-Line 1Q05 Results; ACE Unveiling Upcoming 05/11/05 $4.100 ( 6.82%) 502,400 Reuters News RESEARCH ALERT-Adams Harkness cuts Isolagen to "market perform"  BANGALORE, May 11 (Reuters) - Adams Harkness on Wednesday downgrad t perform" from "buy" citing a more challenging U.K. selling envir s. 05/12/05 $3.970 ( 3.17%) 271,300 Dow Jones News Service AMEX New 52-Week Highs And Lows 05/13/05 $3.800 ( 4.28%) 420,800 Dow Jones News Service AMEX New 52-Week Highs And Lows 05/13/05 $3.800 ( 4.28%) 420,800 Drug Week Business Update; Biotech company secures U.S. commercial manufactu 2005 MAY 13 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  quare foot facility in Exton, Pennsylvania, to serve as its site f nufacturing and commercialization of the Isolagen ... 05/14/05 . . . Obesity, Fitness & Well.. Business Update; Biotech company secures U.S. commercial manufactu 2005 MAY 14 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  quare foot facility in Exton, Pennsylvania, to serve as its site f nufacturing and commercialization of the Isolagen ... 05/16/05 $4.030 6.05% 153,300 Bloomberg . . . . . . . . BN Russell 2000 Stocks With Biggest Weekly Changes in Ratings . . . . May 16 2005 9:36 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 75  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . Dermatology; Clever cells could banish gum disease, stretch marks 05/16/05 $4.030 6.05% 153,300 The Philadelphia Inquir.. The Philadelphia Inquirer business people column  May 16--A-SWEET-JOB: Being executive vice president of a company l ns being a jack-of-all-trades. For Christopher P. Fandozzi, that m by helping to load the delivery trucks. 05/16/05 $4.030 6.05% 153,300 The Philadelphia Inquir.. A sweet job; Bassetts management  Being executive vice president of a company like Bassetts Ice Crea l-trades. For Christopher P. Fandozzi, that means starting his mor he delivery trucks. 05/17/05 $3.770 ( 6.45%) 422,900 Life Science Weekly Dermatology; Clever cells could banish gum disease, stretch marks 05/17/05 $3.770 ( 6.45%) 422,900 Science Letter Dermatology; Clever cells could banish gum disease, stretch marks 05/18/05 $3.800 0.80% 141,700 Biotech Week University College London; Clever cells could banish gum disease, 05/19/05 $3.740 ( 1.58%) 165,900 Bloomberg . . . . . . . . BN Largest Amex Short Interest as a Percentage of Free Float . . . . May 19 2005 16:10 . . . . By Bing Xiao . . . . May 19 (Bloomberg) -- The following table ranks companies listed o. . . . the American Stock Exchange that have more than 10 percent of thei. . . . available for trading sold short by investors in mid-May. . . . . *T . . . . Short Interest Short Interest Equity Float . . . . Ticker Name / Float % (In mln shrs) (In mln shrs) . . . . ==================================================================. . . . . . . . 05/19/05 $3.740 ( 1.58%) 165,900 Business Wire UBS Hosts Global Pharmaceuticals Conference  NEW YORK - (BUSINESS WIRE) - May 19, 2005 - UBS (NYSE:UBS) WHAT: T als Conference will feature presentations by over 90 pharmaceutica ent countries. The preliminary list of ... 05/19/05 $3.740 ( 1.58%) 165,900 Dow Jones News Service AMEX Short Interest: Apex Silver Mines - Wyndham Int'l 05/19/05 $3.740 ( 1.58%) 165,900 PR Newswire (U.S.) Isolagen to Introduce ACE System at the UBS 2005 Global Pharmaceut o Host Special ACE Information Session Following  EXTON, Pa., May 19 /PRNewswire-FirstCall/ -- Isolagen, Inc. is sch BS 2005 Global Pharmaceuticals Conference on Monday, May 23, 2005,  nd Hyatt in New York, NY. 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 76  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/20/05 $3.810 1.87% 385,600 Dow Jones Corporate Fil.. Isolagen Names Genl Counsel Ciallella To Board  WASHINGTON (Dow Jones)--Isolagen Inc. (ILE) said Friday that it el lella to its board, according to a Form 8-K filed with the Securit n. 05/20/05 $3.810 1.87% 385,600 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE MORNING'S TOP NEWS  Hollinger Files Quarterly Report For 3Q 2004 >HLR - 7:02 AT&T To H or Vote On SBC Deal >T - 10:46 Gates Has Antitrust OK For Berkshir KA - 9:35 Buyout Group Has $3.9B ... 05/20/05 $3.810 1.87% 385,600 Dow Jones News Service Isolagen Names Genl Counsel Ciallella To Board 05/20/05 $3.810 1.87% 385,600 Dow Jones News Service Isolagen Names Genl Counsel Ciallella To Board  WASHINGTON (Dow Jones)--Isolagen Inc. (ILE) said Friday that it el lella to its board, according to a Form 8-K filed with the Securit n. 05/20/05 $3.810 1.87% 385,600 Dow Jones News Service AMEX New 52-Week Highs And Lows 05/20/05 $3.810 1.87% 385,600 Drug Week Dermatology; Clever cells could banish gum disease, stretch marks 05/20/05 $3.810 1.87% 385,600 SEC Filing Form 8-K 05/21/05 . . . Obesity, Fitness & Well.. Dermatology; Clever cells could banish gum disease, stretch marks 05/23/05 $4.030 5.77% 426,000 Business Wire UBS Hosts Global Pharmaceuticals Conference  NEW YORK - (BUSINESS WIRE) - May 23, 2005 - The UBS Global Pharmac today at the Grand Hyatt in New York City and runs through tomorro 0 portfolio managers, analysts, and investors are ... 05/23/05 $4.030 5.77% 426,000 PR Newswire (U.S.) Isolagen Unveils Automated Cellular Expansion (ACE) System Proprie ommercial Manufacturing for Isolagen and Creates  EXTON, Pa., May 23 /PRNewswire-FirstCall/ -- Isolagen , which spec and commercialization of autologous cellular therapies for tissue  led a design for an automated system to propagate and ... 05/24/05 $3.900 ( 3.23%) 293,400 Company Reports Isolagen to initiate clinical trials for additional applications  Isolagen Inc announced plans for the commencement of clinical stud tions of its proprietary Isolagen Process at the UBS 2005 Global P The company has identified lead investigators to ...

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 77  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________05/24/05 $3.900 ( 3.23%) 293,400 Dow Jones News Service Isolagen To Initiate Clinical Trials For Additional Applications 05/24/05 $3.900 ( 3.23%) 293,400 Legg Mason Wood Walker ACE Unveiled; Maintain Buy Rating 05/24/05 $3.900 ( 3.23%) 293,400 PR Newswire (U.S.) Isolagen to Initiate Clinical Trials for Additional Applications  EXTON, Pa., May 24 /PRNewswire-FirstCall/ -- Isolagen, Inc. announ ment of clinical studies for additional applications of its propri the UBS 2005 Global Pharmaceuticals Conference. 05/25/05 $3.700 ( 5.13%) 787,800 BIOWORLD Today OTHER NEWS TO NOTE  Allergan Inc., of Irvine, Calif., funded a Phase II study evaluati as a treatment for urinary incontinence in patients with the neuro ladder, which showed that the product causes a rapid and ... 05/26/05 $3.840 3.78% 249,400 FDAnews Drug Pipeline A.. Isolagen to Initiate Clinical Trials for Additional Applications  Isolagen has announced plans for the commencement of clinical stud tions of its proprietary Isolagen Process. The company has identif initiate clinical trials for the application of the ... 05/27/05 $4.040 5.21% 252,100 05/30/05 . . . Pharma Marketletter Isolagen announces additional trials.(Brief Article) ..  US group Isolagen says it intends to initiate clinical studies for  f its proprietary Isolagen Process. According to the company, whic opment and commercialization of autologous cellular ... 05/30/05 . . . The Daily Telegraph Cell factory can counter ageing effect  A FACTORY has been developed that can mass-produce a person's cell ted to treat gum disease, repair the pitting caused by acne and er ects of ageing. Conventional methods to make new cells ... 05/31/05 $4.070 0.74% 276,400 UBS Equities Isolagen Inc. "Reinstating Coverage with Buy 2 Rating" (Buy 2) Pac06/01/05 $3.860 ( 5.16%) 385,400 Dow Jones Corporate Fil.. CFA Newsworthy Convertible Price Indications For 6/1 6/1/05 Published by the Dow Jones Corporate Filings Alert Converti able represents convertible securities price indications as of Wed ive or recent 06/01/05 $3.860 ( 5.16%) 385,400 Global Cosmetic Industr.. New Vitality in London.(LONDON HIGHLIGHTS)(Brief Article) ..  London's Vitality Show in pumped new life into cosmetics and skin  test products on the market. Leading natural cosmetics lines, like 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 78  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ een People and Nature's Mystique, are marketing the ... 06/01/05 $3.860 ( 5.16%) 385,400 UBS Equities Global Daily Dose 01-Jun-2005 06/02/05 $3.730 ( 3.37%) 390,700 UBS Equities U.S. Small & Mid Cap Spotlight 03 June 2005 06/03/05 $3.610 ( 3.22%) 271,600 BIOWORLD Today APPOINTMENTS AND ADVANCEMENTS.(biotechnology industries) .. 06/06/05 $3.630 0.55% 224,600 Biotech Business Week Personnel; Cell therapies developer names interim CEO, reduces 20006/06/05 $3.630 0.55% 224,600 Gastroenterology Week Personnel; Cell therapies developer names interim CEO, reduces 20006/06/05 $3.630 0.55% 224,600 Health & Medicine Week Personnel; Cell therapies developer names interim CEO, reduces 20006/06/05 $3.630 0.55% 224,600 Pain & Central Nervous .. Personnel; Cell therapies developer names interim CEO, reduces 20006/06/05 $3.630 0.55% 224,600 Pharma Business Week Personnel; Cell therapies developer names interim CEO, reduces 20006/07/05 $3.570 ( 1.65%) 182,800 Daily Mail A JAB THAT CAN RUB OUT STRETCH MARKS  PATIENTS are to be injected with their own skin cells in a radical  h stretch marks and gum disease. A UK trial looking into both area versity College, London. 06/07/05 $3.570 ( 1.65%) 182,800 Life Science Weekly Personnel; Cell therapies developer names interim CEO, reduces 20006/07/05 $3.570 ( 1.65%) 182,800 Science Letter Personnel; Cell therapies developer names interim CEO, reduces 20006/08/05 $3.450 ( 3.36%) 332,900 Biotech Week Isolagen, Inc. Cell therapies developer names interim CEO, reduces  t  2005 JUN 8 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that F will assume the position of interim chief executive officer. 06/08/05 $3.450 ( 3.36%) 332,900 Dow Jones News Service AMEX New 52-Week Highs And Lows 06/09/05 $3.570 3.48% 171,700 Women's Health Weekly Personnel; Cell therapies developer names interim CEO, reduces 20006/10/05 $3.350 ( 6.16%) 206,100 Dow Jones News Service AMEX New 52-Week Highs And Lows 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 79  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________06/11/05 . . . Obesity, Fitness & Well.. Personnel; Cell therapies developer names interim CEO, reduces 20006/12/05 . . . Medical Devices & Surgi.. Personnel; Cell therapies developer names interim CEO, reduces 20006/13/05 $3.400 1.49% 182,300 Associated Press Newswi.. State awards $5 million in aid to 5 biotech firms  HARRISBURG, Pa. (AP) - State officials on Monday announced nearly  s and other aid to help five biotechnology firms expand or relocat the projects will create hundreds of jobs in one of the ... 06/13/05 $3.400 1.49% 182,300 Associated Press Newswi.. Where the biotech money will go  What nearly $5 million in aid to biotechnology projects will pay f to move its headquarters and research-and-development unit from Ho ility in Exton, creating at least 140 jobs. It will ... 06/13/05 $3.400 1.49% 182,300 Associated Press Newswi.. Pennsylvania awards $5 million in aid to 5 biotech firms  HARRISBURG, Pa. (AP) - State officials on Monday announced nearly  s and other aid to help five biotechnology firms expand or relocat the projects will create hundreds of jobs in one of the ... 06/13/05 $3.400 1.49% 182,300 Dow Jones News Service AMEX New 52-Week Highs And Lows 06/13/05 $3.400 1.49% 182,300 PR Newswire (U.S.) PA DCED Secretary Announces Five Economic Development and Technolo t Will Create Nearly 500 Biosciences Jobs in  HARRISBURG, Pa., June 13 /PRNewswire/ -- Pennsylvania Department o evelopment (DCED) Secretary Dennis Yablonsky today announced Gover ojects for five Biosciences companies that were offered ... 06/14/05 $3.400 0.00% 132,300 Dow Jones News Service Stephen J. Fanning Joins Bd Of Directors Of Isolagen, Inc. . 06/14/05 $3.400 0.00% 132,300 PR Newswire (U.S.) Stephen J. Fanning Joins Board of Directors of Isolagen, Inc. Form nson & Johnson Executive to Chair Company's Executive Search and C EXTON, Pa., June 14 /PRNewswire-FirstCall/ -- Isolagen, Inc. is pl phen J. Fanning, President and CEO of Thermage, Inc., a privately  o join the Company's Board of Directors, increasing the ... 06/15/05 $3.580 5.29% 286,500 06/16/05 $3.860 7.82% 460,400 06/17/05 $4.090 5.96% 779,100 06/20/05 $4.050 ( 0.98%) 369,900 Chemistry and Industry Automated mass production of cells could be applied to stem cell g

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 80  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ A 'cell hotel' that can mass produce a person's cells much more qu conventional methods has been developed. Traditional methods are v borious.'Cells have to be fed, watered and moved when ... 06/20/05 $4.050 ( 0.98%) 369,900 SEC Filing Form 8-K 06/21/05 $3.900 ( 3.70%) 378,100 PR Newswire (U.S.) Dr. Marie Lindner Joins Isolagen, Inc. Former Vice President of Me lan and Rhone-Poulenc Rorer Gencell Executive to.  EXTON, Pa., June 21 /PRNewswire-FirstCall/ -- Isolagen, Inc. is pl Marie Lindner has joined the Company to serve as Senior Vice Presi ess Affairs to oversee the Company's clinical studies ... 06/22/05 $3.930 0.77% 386,600 06/23/05 $4.070 3.56% 582,700 06/24/05 $4.280 5.16% 1,443,700 06/27/05 $4.190 ( 2.10%) 341,000 Biotech Business Week Cell Harvesting; Company unveils automated cellular expansion syst 2005 JUN 27 - (NewsRx.com) -- Isolagen (ILE), which specializes in  rcialization of autologous cellular therapies for tissue regenerat an automated system to propagate and harvest cells more ... 06/27/05 $4.190 ( 2.10%) 341,000 Health & Medicine Week Cell Harvesting; Company unveils automated cellular expansion syst 2005 JUN 27 - (NewsRx.com) -- Isolagen (ILE), which specializes in  rcialization of autologous cellular therapies for tissue regenerat an automated system to propagate and harvest cells more ... 06/27/05 $4.190 ( 2.10%) 341,000 Pharma Marketletter Isolagen hires Marie Linder to head medical and business affairs.( USA-based Isolagen has appointed Marie Linder as senior vice presi ss affairs. Dr Linder was most recently VP of strategic business d ional. 06/28/05 $4.200 0.24% 252,600 Life Science Weekly Cell Harvesting; Company unveils automated cellular expansion syst 2005 JUN 28 - (NewsRx.com) -- Isolagen (ILE), which specializes in  rcialization of autologous cellular therapies for tissue regenerat an automated system to propagate and harvest cells more ... 06/28/05 $4.200 0.24% 252,600 SEC Filing Form 8-K 06/28/05 $4.200 0.24% 252,600 Science Letter Cell Harvesting; Company unveils automated cellular expansion syst

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 81  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ 2005 JUN 28 - (NewsRx.com) -- Isolagen (ILE), which specializes in  rcialization of autologous cellular therapies for tissue regenerat an automated system to propagate and harvest cells more ... 06/29/05 $4.340 3.33% 444,700 Biotech Week Isolagen; Company unveils automated cellular expansion system  2005 JUN 29 - (NewsRx.com) -- Isolagen (ILE), which specializes in  rcialization of autologous cellular therapies for tissue regenerat an automated system to propagate and harvest cells more ... 06/30/05 $4.100 ( 5.53%) 342,100 Company Reports Isolagen announces positive Phase II dental study results  Isolagen Inc announced positive results of its Phase II dental stu McGuire to determine the safety and efficacy of the Isolagen Proce nterdental papillary insufficiency commonly referred to ... 06/30/05 $4.100 ( 5.53%) 342,100 Dow Jones News Service Isolagen Announces Positive Phase II Dental Study Results 06/30/05 $4.100 ( 5.53%) 342,100 MidnightTrader #NAME? 06/30/05 $4.100 ( 5.53%) 342,100 PR Newswire (U.S.) Isolagen Announces Positive Phase II Dental Study Results  EXTON, Pa., June 30 /PRNewswire-FirstCall/ -- Isolagen, Inc. today  s of its Phase II dental study conducted by Dr. Michael McGuire to  efficacy of the Isolagen Process for the treatment of ... 06/30/05 $4.100 ( 5.53%) 342,100 UBS Equities First Read: Isolagen Inc. "Phase II Dental Data Released" (Buy 2) 07/01/05 $4.090 ( 0.24%) 273,700 Worldwide Biotech ISOLAGEN UNVEILS AUTOMATED CELLULAR EXPANSION SYSTEM Isolagen, Exton, Pa., which specializes in the development and com us cellular therapies for tissue regeneration, has unveiled a desi to propagate and harvest cells more efficiently and ... 07/02/05 . . . Obesity, Fitness & Well.. Cell Harvesting; Company unveils automated cellular expansion syst 2005 JUL 2 - (NewsRx.com) -- Isolagen (ILE), which specializes in  cialization of autologous cellular therapies for tissue regenerati an automated system to propagate and harvest cells more ... 07/03/05 . . . Medical Devices & Surgi.. Cell Harvesting; Company unveils automated cellular expansion syst 2005 JUL 3 - (NewsRx.com) -- Isolagen (ILE), which specializes in  cialization of autologous cellular therapies for tissue regenerati an automated system to propagate and harvest cells more ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 82  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/04/05 . . . Biotech Business Week Cellular Therapy; Trials initiated for autologous cellular therapi07/04/05 . . . Clinical Trials Week Cellular Therapy; Trials initiated for autologous cellular therapi07/04/05 . . . Daily Mail EXTREME CREAM  IT'S BEEN HAILED AS THE BEST ANTI-WRINKLE CREAM EVER. JUST DON'T T MADE FROM... AT FIRST there was Botox, and initially we were horri ting botulism into our faces. But very quickly it ... 07/04/05 . . . Health & Medicine Week Cellular Therapy; Trials initiated for autologous cellular therapi07/04/05 . . . Health & Medicine Week Cellular Therapy; Trials initiated for autologous cellular therapi07/04/05 . . . Pharma Business Week Cellular Therapy; Trials initiated for autologous cellular therapi07/04/05 . . . Pharma Business Week Cellular Therapy; Trials initiated for autologous cellular therapi07/04/05 . . . The Daily Telegraph Now I can face the future Katharine Dowling thought she'd be perma house fire almost killed her in 2002. She tells Lesley Thomas how  The last thing I remember from the day of the fire was being on Br ughter. Weeks later, I came round at Chelsea and Westminster Hospi s and a 15 per cent chance of survival. My body was ... 07/05/05 $4.160 1.71% 32,900 Life Science Weekly Cellular Therapy; Trials initiated for autologous cellular therapi07/05/05 $4.160 1.71% 32,900 Life Science Weekly Cellular Therapy; Trials initiated for autologous cellular therapi07/05/05 $4.160 1.71% 32,900 Science Letter Cellular Therapy; Trials initiated for autologous cellular therapi07/05/05 $4.160 1.71% 32,900 Science Letter Cellular Therapy; Trials initiated for autologous cellular therapi07/06/05 $4.150 ( 0.24%) 123,000 BIOWORLD Today Other News To Note.(Treatment for cardivascular diseases) ..  Acrongenomics Inc., of Athens, Greece, launched its Nano-JETA Real  NA/RNA quantification with the use of beta-globin and Ep-CAM gene,  me PCR delivers quantitative detection of nucleic acids ... 07/06/05 $4.150 ( 0.24%) 123,000 Biotech Week Isolagen, Inc. Trials initiated for autologous cellular therapies 07/06/05 $4.150 ( 0.24%) 123,000 Biotech Week Isolagen, Inc. Trials initiated for autologous cellular therapies 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 83  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/07/05 $4.230 1.93% 213,700 Mutual Fund Prospectus .. WM Group of Funds: Income Fund - Class A - Part 3 07/07/05 $4.230 1.93% 213,700 The Journal You can grow your own facelift  Researchers and the cosmetic industry have been working to find th s. Now it appears the key to looking younger and living longer is  But as people queue up for radical treatment to "rub" ... 07/07/05 $4.230 1.93% 213,700 The Journal Countering the age effect  Joyce Finn kept a diary of her Isolagen treatment. WEDNESDAY DECEM kin taken from behind ear. Sent to London ( has to grow for two mo b 11, 2005. 07/08/05 $4.320 2.13% 209,800 Drug Week Cellular Therapy; Trials initiated for autologous cellular therapi07/08/05 $4.320 2.13% 209,800 Drug Week Cellular Therapy; Trials initiated for autologous cellular therapi07/09/05 . . . Obesity, Fitness & Well.. Cellular Therapy; Trials initiated for autologous cellular therapi07/09/05 . . . Obesity, Fitness & Well.. Cellular Therapy; Trials initiated for autologous cellular therapi07/10/05 . . . Medical Devices & Surgi.. Cellular Therapy; Trials initiated for autologous cellular therapi07/10/05 . . . The Sunday Times Non-Invasive Procedures;Style Cosmetic Surgery Guide;Beauty  NON-INVASIVE PROCEDURES. LASERS AND LIGHT SOURCES: THE PROCEDURE L y of ways. An ablative laser will give you a peel and burn off sur -ablative laser is used to give a form of face-lift, ... 07/10/05 . . . The Sunday Times Why I chose Isolagen;Style Cosmetic Surgery Guide;Beauty  When Yannis Alexandrides asked me if I would like to try Isolagen,  say yes. Twenty years ago, had someone suggested taking a sliver o , harvesting its collagen-producing fibroblast cells in ... 07/11/05 $4.430 2.55% 342,700 Biotech Business Week Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 11 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/11/05 $4.430 2.55% 342,700 Health & Medicine Week Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 11 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 84  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/11/05 $4.430 2.55% 342,700 MidnightTrader Isolagen To Provide Additional Information on Phase II Study  Boston, Jul 11, 2005 (MidnightTrader via COMTEX) -- Isolagen (ILE)  a conference call on July 13 at 4:30 P.M. to discuss the recently- of its Phase II dental study. 07/11/05 $4.430 2.55% 342,700 PR Newswire (U.S.) Isolagen to Host Conference Call to Discuss Positive Phase II Dent EXTON, Pa., July 11 /PRNewswire-FirstCall/ -- Isolagen, Inc. will  July 13, 2005 beginning at 4:30 P.M. EDT to discuss the recently r f its Phase II dental study. Results from the study, ... 07/11/05 $4.430 2.55% 342,700 Pharma Business Week Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 11 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/11/05 $4.430 2.55% 342,700 Pharma Marketletter Isolagen launches new business model on the back of ACE; is poised  Isolagen, a group that specializes in autologous cellular therapy,  cant growth. The last two months have seen the US group acquire a  d launch of a new business model. 07/11/05 $4.430 2.55% 342,700 Pharma Marketletter Isolagen Process sees good Ph II data.(Brief Article) ..  UK autologous cell-replacement specialist Isolagen has reported po e II dental study of the safety and efficacy of the Isolagen Proce terdental papillary insufficiency commonly referred to ... 07/11/05 $4.430 2.55% 342,700 Proteomics Weekly Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 11 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/11/05 $4.430 2.55% 342,700 Stem Cell Week Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 11 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/12/05 $4.700 6.09% 383,500 Daily Mail THE FACE OF HOPE 07/12/05 $4.700 6.09% 383,500 Life Science Weekly Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 12 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 85  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/12/05 $4.700 6.09% 383,500 Science Letter Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 12 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/13/05 $4.810 2.34% 330,000 Biotech Week Isolagen, Inc. Stephen J. Fanning named to board of autologous cel 2005 JUL 13 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/13/05 $4.810 2.34% 330,000 CIBC World Markets ILE: Dental Study Shows Potential For New Indications of Autologou07/13/05 $4.810 2.34% 330,000 Knobias ISOLAGEN INC - ILE: Conference Call @ 16:30 ET Today Isolagen Inc (AMEX: ILE) will host a conference call on July 13, 2 EDT to discuss the recently reported positive results of its Phase  from the study, conducted by Dr. Michael McGuire to ... 07/13/05 $4.810 2.34% 330,000 PR Newswire (U.S.) Isolagen Appoints Mark A. Kahil Vice President, Investor Relations  EXTON, Pa., July 13 /PRNewswire-FirstCall/ -- Isolagen, Inc. is pl k A. Kahil will join the Company as Vice President of Investor Rel to develop and oversee the Company's external ... 07/13/05 $4.810 2.34% 330,000 UBS Equities First Read: Isolagen Inc. "Conclusions from Dental Conference Call07/14/05 $4.640 ( 3.53%) 255,600 Gene Therapy Weekly Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 14 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/15/05 $4.650 0.22% 164,200 Genomics & Genetics Wee.. Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 15 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/16/05 . . . Obesity, Fitness & Well.. Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 16 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 86  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________07/17/05 . . . Medical Devices & Surgi.. Personnel; Stephen J. Fanning named to board of autologous cellula 2005 JUL 17 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  ent and CEO of Thermage, Inc., a privately held company, has agree ard of directors, increasing the number of independent ... 07/18/05 $4.850 4.30% 228,900 BioWorld Financial Watc.. Clinical trials update: June 2005 07/18/05 $4.850 4.30% 228,900 Biotech Business Week Personnel; Dr. Marie Lindner named VP of medical and business affa 2005 JUL 18 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ned the company to serve as senior vice president of medical and b the company's clinical studies and business development ... 07/18/05 $4.850 4.30% 228,900 Health & Medicine Week Personnel; Dr. Marie Lindner named VP of medical and business affa 2005 JUL 18 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ned the company to serve as senior vice president of medical and b the company's clinical studies and business development ... 07/19/05 $4.840 ( 0.21%) 156,500 Life Science Weekly Personnel; Dr. Marie Lindner named VP of medical and business affa 2005 JUL 19 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ned the company to serve as senior vice president of medical and b the company's clinical studies and business development ... 07/19/05 $4.840 ( 0.21%) 156,500 Science Letter Personnel; Dr. Marie Lindner named VP of medical and business affa 2005 JUL 19 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ned the company to serve as senior vice president of medical and b the company's clinical studies and business development ... 07/20/05 $4.940 2.07% 171,900 BIOWORLD Today APPOINTMENTS AND ADVANCEMENTS.(AdipoGenix Inc appoints Nils Bergen s Jacob Maizel)(ArQule Inc. appoints Ronald.  AdipoGenix Inc., of Boston, appointed Nils Bergenhem chief scienti ., of Bloomfield, N.J., appointed Jacob Maizel and Susanna Rybak t board. 07/20/05 $4.940 2.07% 171,900 Biotech Week Isolagen, Inc. Dr. Marie Lindner named VP of medical and business  2005 JUL 20 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ned the company to serve as senior vice president of medical and b the company's clinical studies and business development ... 07/20/05 $4.940 2.07% 171,900 Business Wire Adams Harkness Hosting 25th Annual Summer Seminar; 2005 Seminar Wi mall- and Mid-Cap Growth Companies; Private 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 87  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ BOSTON - (BUSINESS WIRE) - July 20, 2005 - Adams Harkness, Inc. to or its 25th Annual Summer Seminar, which, this year, will feature  nies and a greatly expanded lineup of private companies. ... 07/21/05 $5.000 1.21% 455,800 Bloomberg . . . . . . . . BN Largest Amex Short Interest as a Percentage of Free Float . . . . Jul 21 2005 16:34 . . . . By Bing Xiao . . . . July 21 (Bloomberg) -- The following table ranks companies listed . . . . the American Stock Exchange that have more than 10 percent of thei. . . . available for trading sold short by investors in mid-July. . . . . *T . . . . Short Interest Short Interest Equity Float . . . . Ticker Name / Float % (In mln shrs) (In mln shrs) . . . . ==================================================================. . . . . . . . 07/21/05 $5.000 1.21% 455,800 Dow Jones News Service AMEX Short Interest: Apex Silver Mines - Wyndham Int'l 07/21/05 $5.000 1.21% 455,800 UBS Equities Advanced Medical Devices "Second Quarter 2005 Results Preview" Pac07/21/05 $5.000 1.21% 455,800 UBS Equities U.S. Morning Meeting Highlights 22-July-05 07/21/05 $5.000 1.21% 455,800 UBS Equities US Morning Research Notes 22-Jul-05 07/22/05 $5.150 3.00% 584,500 UBS Equities Global Daily Dose 22-Jul-05 Kiley 07/23/05 . . . Obesity, Fitness & Well.. Personnel; Dr. Marie Lindner named VP of medical and business affa 2005 JUL 23 - (NewsRx.com) -- Isolagen, Inc., (ILE) announced that  ned the company to serve as senior vice president of medical and b the company's clinical studies and business development ... 07/25/05 $5.220 1.36% 262,000 PR Newswire (U.S.) Isolagen, Inc. to Present at Adams Harkness 25th Annual Summer Sem EXTON, Pa., July 25 /PRNewswire-FirstCall/ -- Isolagen, Inc. today  cast of its presentation at the Adams Harkness 25th Annual Summer  ng Wharf in Boston, MA is scheduled for Thursday, August ... 07/25/05 $5.220 1.36% 262,000 Pharma Marketletter Isolagen appoints Mark Kahil VP, investor relations 07/26/05 $5.200 ( 0.38%) 299,000 The Daily Express Fresh skin hope for blast victims 07/26/05 $5.200 ( 0.38%) 299,000 The Daily Express I was so disfigured that I expected a life alone  your health ROYIA GRIZZELL, now 37, was so badly hurt in the Oklah 5 that she was nearly left for dead by rescuers. She now lives in 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 88  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ husband Ray and their weekold baby girl 07/27/05 $5.000 ( 3.85%) 461,500 07/28/05 $5.200 4.00% 235,300 07/29/05 $5.590 7.50% 433,700 07/31/05 . . . The Sunday Mirror BEAUTY: Celeb spy  Sophie Anderton has a cunning plan to extend her shelf-life as a m face-lift! Our sources tell us the 27-year-old has already given a  www.isolagenuk.com ), who harvest your own ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Adams Harkness, Inc. ILE: Phase III Data Mixed, New Trial Planned; Reiterate MP 08/01/05 $2.840 ( 49.19%) 5,529,500 Associated Press Newswi.. NA FIN MKT US Amex Leaders 08/01/05 $2.840 ( 49.19%) 5,529,500 Associated Press Newswi.. Isolagen stock skids on mixed data, plan for new trial  NEW YORK (AP) - Shares of Isolagen Inc. plunged Monday after the c lts from two trials of its wrinkle treatment and said the findings  ll be conducted in the fall. 08/01/05 $2.840 ( 49.19%) 5,529,500 Associated Press Newswi.. Monday's Most Active Stocks  NEW YORK (AP) - Sales, 4 p.m. price and net change of the 15 most  ange issues, trading nationally at more than $1. Name Volume Last  1.51 +.33 TimeWarner ... 08/01/05 $2.840 ( 49.19%) 5,529,500 BIOWORLD Today APPOINTMENTS AND ADVANCEMENTS  Aastrom Biosciences Inc., of Ann Arbor, Mich., appointed Gerald Br nistrative and financial operations, and chief financial officer.  eben to its board. 08/01/05 $2.840 ( 49.19%) 5,529,500 Biotech Business Week Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 1 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Bloomberg . . . . . . . . BN CommScope, Ebix, Isolagen, Lincoln: U.S. Equity Movers Final 

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Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 89  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________. . . . Aug 1 2005 16:55 . . . . By Hilary Johnson . . . . Aug. 1 (Bloomberg) -- The following is a list of companies . . . . whose shares had unusual price changes in U.S. markets. Stock . . . . symbols are in parentheses after company names. All share prices . . . . are as of 4:15 p.m. New York time. . . . . Action Performance Cos. (ATN US) rose $1.65, or 19 percent, . . . . to $10.20. The designer and seller of auto-racing clothing and . . . . collectibles named former Dial Corp. Chief Executive Herbert M. . . . . . . . . 08/01/05 $2.840 ( 49.19%) 5,529,500 Bloomberg . . . . BN Isolagen Cut to `Neutral 2' at UBS :ILE US . . . . Aug 1 2005 14:32 . . . . Princeton, New Jersey, Aug. 1 (Bloomberg Data) -- Isolagen Inc. (I. . . . was downgraded to ``neutral 2'' from ``buy 2'' by analyst Patrick . . . . UBS. The price target is $3.50 per share. . . . . --Sybil Chahbandour in Princeton, New Jersey, (+1)609-279-3615. . . . . 08/01/05 $2.840 ( 49.19%) 5,529,500 Bloomberg . . . . BN Dixie, Harvest Natural, Shurgard, Tennant: U.S. Equity Movers . . . . Aug 1 2005 12:24 . . . . By Hilary Johnson . . . . Aug. 1 (Bloomberg) -- The following is a list of companies . . . . whose shares are having unusual price changes in U.S. markets. . . . . Stock symbols are in parentheses after company names. All share . . . . prices are as of 11:55 a.m. New York time. . . . . Action Performance Cos. (ATN US) gained $1.63, or 19. . . . percent, to $10.18 and traded as high as $10.75. The designer and . . . . seller of auto-racing clothing and collectibles named former Dial . . . . . . . . 08/01/05 $2.840 ( 49.19%) 5,529,500 Bloomberg . . . . BN AIG, Diana, EBay, Hansen, Isolagen, Symbol: U.S. Equity Preview . . . . Aug 1 2005 8:30 . . . . By Sophie Hayward . . . . Aug. 1 (Bloomberg) -- The following is a list of companies . . . . whose shares may have unusual price changes in U.S. markets. This . . . . preview includes news that broke after markets closed on July 29. . . . . Stock symbols are in parentheses after company names. . . . . American International Group Inc. (AIG US): The world's . . . . largest insurer said TRC Capital Corp. made an unsolicited ``minit. . . . offer for as many as 2 million AIG shares at $58.10 each . . . . . . . . 08/01/05 $2.840 ( 49.19%) 5,529,500 CIBC World Markets CIBCWM Final Edition Morning Research Summary 08/01/05 $2.840 ( 49.19%) 5,529,500 CIBC World Markets ILE: Downgrading to Sector Performer, Given No News on U.S. Pivota08/01/05 $2.840 ( 49.19%) 5,529,500 CIBC World Markets ILE: Reports Preliminary Results of Phase III Dermal Trial; Loweri08/01/05 $2.840 ( 49.19%) 5,529,500 CIBC World Markets ISOLAGEN, INC. 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 199 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 90  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________08/01/05 $2.840 ( 49.19%) 5,529,500 Clinical Trials Week Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 1 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Dow Jones Corporate Fil.. CFA Newsworthy Convertible Price Indications For 8/1 Published by the Dow Jones Corporate Filings Alert Convertibles Gr presents convertible securities price indications as of Monday for  ent issues. Point premium is defined as the ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Dow Jones News Service Isolagen Shares Fall 46% On Mixed Trial Data  NEW YORK (Dow Jones)-Shares of Isolagen Inc. (ILE) plunged nearly  k low after it reported mixed results from two trials of its wrink findings dictate that another trial involving patients ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Dow Jones News Service Recap of Dow Jones Special Reports For Aug 1  =Symbol Tech Down On Weak 3Q Sales Views, CEO Departure >SBL =TiVo  From Sanders Morris >TIVO =Administaff Up; Beats 2Q Street Views;  gen Shares Fall 46% On Mixed Trial Data ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Dow Jones News Service AMEX New 52-Week Highs And Lows 08/01/05 $2.840 ( 49.19%) 5,529,500 Health & Medicine Week Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 1 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Legg Mason Wood Walker Mixed Phase III Trial Results; Maintain Buy Rating 08/01/05 $2.840 ( 49.19%) 5,529,500 Managed Care Weekly Dig.. Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 1 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/01/05 $2.840 ( 49.19%) 5,529,500 MidnightTrader Isolagen Plunging 37% On Results of Clinical Studies Boston, Aug 01, 2005 (MidnightTrader via COMTEX) -- Isolagen (ILE)  rket trading after the company today announced preliminary results  its Isolagen Process. 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 200 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 91  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________08/01/05 $2.840 ( 49.19%) 5,529,500 MidnightTrader Stocks Seen Opening Up Despite Jump in Crude As Company News Takes 08/01/05 $2.840 ( 49.19%) 5,529,500 Nightly Business Report Nightly Business Report  PAUL KANGAS, NIGHTLY BUSINESS REPORT ANCHOR: Oil prices in New Yor , at one point hitting more than $62 a barrel. Traders are jittery  g of Saudi Arabia and the long-term oil policy of the ... 08/01/05 $2.840 ( 49.19%) 5,529,500 OsterDowJones Commodity.. = BEFORE THE BELL: P&G Up On Better-Than Expected 4Q -2  Aug 01, 2005 (ODC via Comtex) -- Shares of Wal-Mart Stores Inc. (W arket after the retailing giant said it expects same-store sales i e high end of its previous guidance. 08/01/05 $2.840 ( 49.19%) 5,529,500 OsterDowJones Commodity.. DJ Small Stocks Up As Optimism On Economy Trumps Higher Oil-3  Aug 01, 2005 (ODC via Comtex) -- Administaff surged 6.40, or 25%,  e Houston provider of human resources services posted better than  sults, and raised its full-year outlook. 08/01/05 $2.840 ( 49.19%) 5,529,500 OsterDowJones Commodity.. WSJ(8/2) Small-Stock Focus: Medarex, Curagen Rise Mon  Aug 01, 2005 (ODC via Comtex) -- (From THE WALL STREET JOURNAL) By  ewswires July's gains spilled into August, as small stocks rose on  t the economy. Gains, though, were capped by ... 08/01/05 $2.840 ( 49.19%) 5,529,500 PR Newswire (U.S.) Isolagen Announces Preliminary Results of Phase III Dermal Trial C nal Trial to Support BLA Filing in 2006  EXTON, Pa., Aug. 1 /PRNewswire-FirstCall/ -- Isolagen, Inc. announ ts from its Phase III clinical trial which consisted of two simult three of the four primary end points and achieved ... 08/01/05 $2.840 ( 49.19%) 5,529,500 Pharma Business Week Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 1 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/01/05 $2.840 ( 49.19%) 5,529,500 UBS Equities First Read: Isolagen Inc. "Dermal Headline Data Released" (Buy 2) 08/01/05 $2.840 ( 49.19%) 5,529,500 UBS Equities Isolagen Inc. "Downgrading to Neutral 2" (Neutral 2) Pace 08/02/05 $2.790 ( 1.76%) 1,218,800 BIOWORLD Today Other News To Note  454 Life Sciences Corp., of Branford, Conn., said findings publish nline issue of Nature detail a new genome sequencing technique 100  s technologies. The company's technology, which uses a 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 201 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 92  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________08/02/05 $2.790 ( 1.76%) 1,218,800 Datamonitor News and Co.. Isolagen successful in dermal trial 08/02/05 $2.790 ( 1.76%) 1,218,800 Dow Jones News Service AMEX New 52-Week Highs And Lows 08/02/05 $2.790 ( 1.76%) 1,218,800 FDAnews Drug Pipeline A.. PRELIMINARY RESULTS ANNOUNCED IN DERMAL TRIAL  Isolagen announced that preliminary results from its Phase III cli ed of two simultaneous dermal studies, met three of the four prima statistical significance when the results of the two ... 08/02/05 $2.790 ( 1.76%) 1,218,800 Life Science Weekly Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 2 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/02/05 $2.790 ( 1.76%) 1,218,800 Ralph Wragg Australian .. (IE) Wall St confidence eroded as oil jumps to fresh record  Sydney - Tuesday - August 2: Wall Street ended the day on an uncer ice crept to a fresh high after traders seemed to brush aside some  causing bonds to slide again. 08/02/05 $2.790 ( 1.76%) 1,218,800 Science Letter Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 2 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/02/05 $2.790 ( 1.76%) 1,218,800 The Star-Ledger BRIEFLY  Sales boost economic index Manufacturing activity grew at a faster  previous month, driven by new orders and increased production, a p yesterday. 08/02/05 $2.790 ( 1.76%) 1,218,800 The Wall Street Journal Medarex, Curagen Both Rise as Gains In July Continue July's gains spilled into August, as small stocks rose on a wave o nomy. Gains, though, were capped by strengthening headwinds in the  and Treasury yields. 08/02/05 $2.790 ( 1.76%) 1,218,800 UBS Equities Global Daily Dose 02-Aug-2005 08/03/05 $2.850 2.15% 782,300 Biotech Week Isolagen, Inc. Phase 2 study results of intradental papillary insu e' ..  2005 AUG 3 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 202 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 93  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________08/03/05 $2.850 2.15% 782,300 Immunotherapy Weekly Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 3 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/03/05 $2.850 2.15% 782,300 PR Newswire (U.S.) Isolagen to Host Conference Call to Discuss Second Quarter 2005  EXTON, Pa., Aug. 3 /PRNewswire-FirstCall/ -- Isolagen, Inc. , will  gust 9, 2005 beginning at 4:00 P.M. EDT to discuss the Company's s and provide a business update. 08/04/05 $2.870 0.70% 488,000 08/05/05 $2.980 3.83% 801,800 SEC Filing Form 8-K 08/06/05 . . . Obesity, Fitness & Well.. Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 6 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/07/05 . . . Medical Devices & Surgi.. Dental Research; Phase 2 study results of intradental papillary in ive'  2005 AUG 7 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced positi dental study conducted by Michael McGuire to determine the safety  en process for the treatment of interdental papillary ... 08/08/05 $2.950 ( 1.01%) 451,700 Health & Medicine Week Personnel; Mark A. Kahil named VP of investor relations by cell th 2005 AUG 8 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that M company as vice president of investor relations to develop and ove al communications strategy within the investment ...08/08/05 $2.950 ( 1.01%) 451,700 Managed Care Weekly Dig.. Personnel; Mark A. Kahil named VP of investor relations by cell th 2005 AUG 8 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that M company as vice president of investor relations to develop and ove al communications strategy within the investment ...08/08/05 $2.950 ( 1.01%) 451,700 Pharma Business Week Personnel; Mark A. Kahil named VP of investor relations by cell th 2005 AUG 8 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that M company as vice president of investor relations to develop and ove al communications strategy within the investment ...

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 203 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 94  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________08/08/05 $2.950 ( 1.01%) 451,700 Proteomics Weekly Personnel; Mark A. Kahil named VP of investor relations by cell th 2005 AUG 8 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that M company as vice president of investor relations to develop and ove al communications strategy within the investment ...08/09/05 $2.660 ( 9.83%) 834,400 BIOWORLD Today Appointments And Advancements.(Acacia Research Corp. appoints Matt utics Inc. appoints Carol Raphael)(Caraco  Abingworth Management, of London, appointed Tim Haines as a partne of Newport Beach, Calif., appointed Matthew Moore director of rese rt Embree director of laboratory operations, and John ... 08/09/05 $2.660 ( 9.83%) 834,400 CIBC World Markets ILE: Net Loss Exceeds Our Estimates; Revenue Guidance Lowered 08/09/05 $2.660 ( 9.83%) 834,400 CIBC World Markets ISOLAGEN, INC. 08/09/05 $2.660 ( 9.83%) 834,400 Dow Jones Corporate Fil.. Isolagen 2Q Loss 33c/Shr  WASHINGTON (Dow Jones)--The following table is a summary of Isolag information for its second quarter ended June 30, as disclosed in  port filed Tuesday with the Securities and Exchange ... 08/09/05 $2.660 ( 9.83%) 834,400 Dow Jones Corporate Fil.. CORPORATE FILINGS ALERT: THE AFTERNOON'S TOP NEWS  Martha Stewart Living Sees 2005 Capital Spending Of $7M >MSO - 12: Euro Medium-Note Program To $20B >BAC - 13:49 Federated Dept Plans  s >FD - 14:07 Alltel Gets Informal ... 08/09/05 $2.660 ( 9.83%) 834,400 Dow Jones Corporate Fil.. CFA Late Summary Of Small-Cap Headlines  This list comprises headlines of stories about small-capitalizatio rporate Filings Alert on Tuesday. This list is in chronological or EDT. Stories can be searched by company and ... 08/09/05 $2.660 ( 9.83%) 834,400 Dow Jones News Service AMEX New 52-Week Highs And Lows 08/09/05 $2.660 ( 9.83%) 834,400 FD (FAIR DISCLOSURE) WI.. Q2 2005 ISOLAGEN INC Earnings Conference Call - Final  OPERATOR: Good day ladies and gentlemen and welcome to your second  nings conference call. My name is Jean. I'll be your conference co ime all lines are in listen-only mode. We will be taking ... 08/09/05 $2.660 ( 9.83%) 834,400 Knobias ISOLAGEN INC - ILE: Q2 Earnings Call @ 16:00 ET Today 08/09/05 $2.660 ( 9.83%) 834,400 Life Science Weekly Personnel; Mark A. Kahil named VP of investor relations by cell th 2005 AUG 9 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that M company as vice president of investor relations to develop and ove

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 204 of 218
Exhibit 11 

News and Events for Isolagen: 3/3/2004 - 8/10/2005 Sources: FactSet Research Systems, Inc., Factiva, Bloomberg, Reuters Research on Demand, and Counsel PAGE 95  CLOSING DATE PRICE RETURN VOLUME SOURCE NEWS/EVENT _________ __________ __________ __________ __________ __________________________________________________________________ al communications strategy within the investment ...08/09/05 $2.660 ( 9.83%) 834,400 OsterDowJones Commodity.. CFA Late Summary Of Small-Cap Headlines  Aug 09, 2005 (ODC via Comtex) -- This list comprises headlines of  lization stocks from Dow Jones Corporate Filings Alert on Tuesday.  ical order from 1 p.m. to 5 p.m. EDT. Stories can be ... 08/09/05 $2.660 ( 9.83%) 834,400 SEC Filing Form 10-Q 08/09/05 $2.660 ( 9.83%) 834,400 Science Letter Personnel; Mark A. Kahil named VP of investor relations by cell th 2005 AUG 9 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that M company as vice president of investor relations to develop and ove al communications strategy within the investment ...08/09/05 $2.660 ( 9.83%) 834,400 UBS Equities Isolagen Inc. "2Q05 Results Review" (Neutral 2) Pace08/09/05 $2.660 ( 9.83%) 834,400 UBS Equities U.S. Morning Meeting Highlights 10-Aug-05 08/09/05 $2.660 ( 9.83%) 834,400 UBS Equities US Morning Research Notes 10-Aug-05 08/10/05 $2.500 ( 6.02%) 1,654,500 Adams Harkness, Inc. ILE: Soft 2Q Results; No Change to Market Perform Thesis 08/10/05 $2.500 ( 6.02%) 1,654,500 Biotech Week Isolagen, Inc. Mark A. Kahil named VP of investor relations by cel 2005 AUG 10 - (NewsRx.com) -- Isolagen, Inc. (ILE) announced that  e company as vice president of investor relations to develop and o nal communications strategy within the investment ... 08/10/05 $2.500 ( 6.02%) 1,654,500 Dow Jones News Service AMEX New 52-Week Highs And Lows  Wednesday, August 10, 2005 New 52-Week Highs 63 BlairCp 40.82 OilS 0.60 iShrSPEu350 80.49 MSNtsMSEAFE 10.05 RydexRssl ETF 94.21 CntlS08/10/05 $2.500 ( 6.02%) 1,654,500 Legg Mason Wood Walker Reports 2Q Results; Maintain Buy Rating 08/10/05 $2.500 ( 6.02%) 1,654,500 UBS Equities Global Daily Dose 10-Aug-2005 Kiley 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 205 of 218
Exhibit 12 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 206 of 218
Exhibit 12A

$80

$100$120$140

atrix Price

Isolagen

Comparison of Common Stock Closing Price and Convertible Notes Matrix Pr

11/2/2004 - 11/7/2005

Lo

Class Period: March 3, 2004 - August 9, 2005

5/2/2005: Convertible Notes Registered

Source: FactSet Research Systems, Inc.

$0

$20$40$60

Convertible Notes M

Convertible Notes Matrix PriceCommon Stock Closing Price

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 207 of 218
Exhibit 12B

Isolagen (ILE)

Comparison of Common Stock Closing Price and Convertible Notes Matrix Price

Source: FactSet Research Systems, Inc.

Date

 Convertible Notes 

Matrix Price 

 Matrix Price 

Return 

Common Stock 

Closing Price

Common Stock 

Return

11/2/2004 106.75 $7.140 5.62%

11/3/2004 106.75 0.00% $7.120 -0.28%

11/4/2004 104.50 -2.11% $6.850 -3.79%

11/5/2004 105.50 0.96% $7.020 2.48%

11/8/2004 105.50 0.00% $6.980 -0.57%

11/9/2004 107.75 2.13% $7.260 4.01%

11/10/2004 108.25 0.46% $7.330 0.96%

11/11/2004 108.00 -0.23% $7.260 -0.95%

11/12/2004 107.63 -0.35% $7.230 -0.41%

11/15/2004 107.38 -0.23% $7.200 -0.41%

11/16/2004 107.38 0.00% $7.200 0.00%

11/17/2004 108.13 0.70% $7.250 0.69%

11/18/2004 108.13 0.00% $7.270 0.28%

11/19/2004 108.25 0.12% $7.300 0.41%

11/22/2004 108.50 0.23% $7.350 0.68%

11/23/2004 109.25 0.69% $7.440 1.22%

11/24/2004 112.63 3.09% $7.500 0.81%

11/26/2004 109.13 -3.11% $7.400 -1.33%

11/29/2004 109.88 0.69% $7.510 1.49%

11/30/2004 110.63 0.68% $7.590 1.07%

12/1/2004 113.25 2.37% $7.890 3.95%

12/2/2004 113.88 0.55% $7.960 0.89%

12/3/2004 113.50 -0.33% $7.880 -1.01%

12/6/2004 112.25 -1.10% $7.740 -1.78%

12/7/2004 111.75 -0.45% $7.700 -0.52%

12/8/2004 112.38 0.56% $7.760 0.78%

12/9/2004 113.75 1.22% $7.960 2.58%

12/10/2004 112.88 -0.77% $7.850 -1.38%

12/13/2004 112.63 -0.22% $7.810 -0.51%

12/14/2004 114.00 1.22% $7.970 2.05%

12/15/2004 112.88 -0.99% $7.830 -1.76%

12/16/2004 110.75 -1.88% $7.600 -2.94%

12/17/2004 113.00 2.03% $7.870 3.55%

12/20/2004 113.13 0.11% $7.890 0.25%

12/21/2004 112.75 -0.33% $7.830 -0.76%

12/22/2004 112.25 -0.44% $7.770 -0.77%

12/23/2004 112.25 0.00% $7.760 -0.13%

12/27/2004 110.75 -1.34% $7.610 -1.93%

12/28/2004 111.25 0.45% $7.650 0.53%

12/29/2004 111.00 -0.22% $7.620 -0.39%

12/30/2004 111.75 0.68% $7.700 1.05%

12/31/2004 113.13 1.23% $7.870 2.21%

1/3/2005 111.00 -1.88% $7.600 -3.43%

1/4/2005 110.75 -0.23% $7.590 -0.13%

1/5/2005 109.25 -1.35% $7.380 -2.77%

1/6/2005 108.25 -0.92% $7.280 -1.36%

1/7/2005 107.63 -0.58% $7.200 -1.10%

1 of 6

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 208 of 218
Exhibit 12B

Date

 Convertible Notes 

Matrix Price 

 Matrix Price 

Return 

Common Stock 

Closing Price

Common Stock 

Return

1/10/2005 109.88 2.09% $7.490 4.03%

1/11/2005 109.63 -0.23% $7.420 -0.93%

1/12/2005 109.88 0.23% $7.480 0.81%

1/13/2005 108.63 -1.14% $7.320 -2.14%

1/14/2005 108.88 0.23% $7.380 0.82%

1/18/2005 109.00 0.11% $7.370 -0.14%

1/19/2005 108.00 -0.92% $7.190 -2.44%

1/20/2005 108.63 0.58% $7.300 1.53%

1/21/2005 107.75 -0.81% $7.200 -1.37%

1/24/2005 107.25 -0.46% $7.150 -0.69%

1/25/2005 106.88 -0.35% $7.130 -0.28%

1/26/2005 106.63 -0.23% $7.100 -0.42%

1/27/2005 107.00 0.35% $7.140 0.56%

1/28/2005 105.88 -1.05% $7.000 -1.96%

1/31/2005 104.25 -1.53% $6.810 -2.71%

2/1/2005 104.50 0.24% $6.840 0.44%

2/2/2005 104.75 0.24% $6.890 0.73%

2/3/2005 106.00 1.19% $7.050 2.32%

2/4/2005 108.13 2.00% $7.270 3.12%

2/7/2005 107.50 -0.58% $7.190 -1.10%

2/8/2005 106.00 -1.40% $7.000 -2.64%

2/9/2005 105.75 -0.24% $6.940 -0.86%

2/10/2005 104.25 -1.42% $6.830 -1.59%

2/11/2005 104.88 0.60% $6.870 0.59%

2/14/2005 103.50 -1.31% $6.700 -2.47%

2/15/2005 103.38 -0.12% $6.690 -0.15%

2/16/2005 104.13 0.73% $6.810 1.79%

2/17/2005 106.88 2.64% $7.110 4.41%

2/18/2005 112.00 4.80% $7.730 8.72%

2/22/2005 114.50 2.23% $8.010 3.62%

2/23/2005 115.00 0.44% $8.050 0.50%

2/24/2005 113.38 -1.41% $7.900 -1.86%

2/25/2005 112.00 -1.21% $7.730 -2.15%

2/28/2005 110.13 -1.67% $7.510 -2.85%

3/1/2005 110.63 0.45% $7.560 0.67%

3/2/2005 110.50 -0.11% $7.530 -0.40%

3/3/2005 111.63 1.02% $7.670 1.86%

3/4/2005 111.63 0.00% $7.670 0.00%

3/7/2005 110.38 -1.12% $7.530 -1.83%

3/8/2005 108.88 -1.36% $7.350 -2.39%

3/9/2005 106.25 -2.41% $7.060 -3.95%

3/10/2005 106.25 0.00% $7.050 -0.14%

3/11/2005 107.63 1.29% $7.240 2.70%

3/14/2005 108.63 0.93% $7.330 1.24%

3/15/2005 107.13 -1.38% $7.150 -2.46%

3/16/2005 107.13 0.00% $7.130 -0.28%

3/17/2005 105.38 -1.63% $6.930 -2.81%

3/18/2005 105.00 -0.36% $6.890 -0.58%

3/21/2005 104.75 -0.24% $6.880 -0.15%

3/22/2005 104.38 -0.36% $6.840 -0.58%

3/23/2005 104.13 -0.24% $6.800 -0.58%

2 of 6

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 209 of 218
Exhibit 12B

Date

 Convertible Notes 

Matrix Price 

 Matrix Price 

Return 

Common Stock 

Closing Price

Common Stock 

Return

3/24/2005 103.50 -0.60% $6.720 -1.18%

3/28/2005 101.75 -1.69% $6.490 -3.42%

3/29/2005 98.25 -3.44% $6.310 -2.77%

3/30/2005 99.63 1.40% $6.260 -0.79%

3/31/2005 99.38 -0.25% $6.290 0.48%

4/1/2005 101.63 2.26% $6.480 3.02%

4/4/2005 100.50 -1.11% $6.320 -2.47%

4/5/2005 98.88 -1.62% $6.230 -1.42%

4/6/2005 99.75 0.88% $6.280 0.80%

4/7/2005 100.38 0.63% $6.370 1.43%

4/8/2005 101.13 0.75% $6.450 1.26%

4/11/2005 101.63 0.49% $6.500 0.78%

4/12/2005 100.88 -0.74% $6.390 -1.69%

4/13/2005 98.50 -2.35% $6.090 -4.69%

4/14/2005 97.00 -1.52% $5.810 -4.60%

4/15/2005 91.00 -6.19% $5.260 -9.47%

4/18/2005 90.25 -0.82% $5.080 -3.42%

4/19/2005 90.00 -0.28% $5.150 1.38%

4/20/2005 92.75 3.06% $5.460 6.02%

4/21/2005 93.25 0.54% $5.600 2.56%

4/22/2005 95.38 2.28% $5.880 5.00%

4/25/2005 83.75 -12.19% $4.410 -25.00%

4/26/2005 85.38 1.94% $4.550 3.17%

4/27/2005 85.00 -0.44% $4.550 0.00%

4/28/2005 86.00 1.18% $4.700 3.30%

4/29/2005 87.13 1.31% $4.850 3.19%

5/2/2005 85.75 -1.58% $4.590 -5.36%

5/3/2005 84.25 -1.75% $4.450 -3.05%

5/4/2005 86.25 2.37% $4.650 4.49%

5/5/2005 85.88 -0.43% $4.610 -0.86%

5/6/2005 84.50 -1.60% $4.460 -3.25%

5/9/2005 84.88 0.44% $4.500 0.90%

5/10/2005 84.25 -0.74% $4.400 -2.22%

5/11/2005 81.88 -2.82% $4.100 -6.82%

5/12/2005 81.00 -1.07% $3.970 -3.17%

5/13/2005 80.00 -1.23% $3.800 -4.28%

5/16/2005 81.25 1.56% $4.030 6.05%

5/17/2005 79.38 -2.31% $3.770 -6.45%

5/18/2005 79.75 0.47% $3.800 0.80%

5/19/2005 78.63 -1.41% $3.740 -1.58%

5/20/2005 79.00 0.48% $3.810 1.87%

5/23/2005 81.25 2.85% $4.030 5.77%

5/24/2005 80.88 -0.46% $3.900 -3.23%

5/25/2005 78.38 -3.09% $3.700 -5.13%

5/26/2005 79.63 1.59% $3.840 3.78%

5/27/2005 81.38 2.20% $4.040 5.21%

5/31/2005 81.38 0.00% $4.070 0.74%

6/1/2005 80.63 -0.92% $3.860 -5.16%

6/2/2005 80.13 -0.62% $3.730 -3.37%

6/3/2005 78.25 -2.34% $3.610 -3.22%

6/6/2005 78.38 0.16% $3.630 0.55%

3 of 6

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 210 of 218
Exhibit 12B

Date

 Convertible Notes 

Matrix Price 

 Matrix Price 

Return 

Common Stock 

Closing Price

Common Stock 

Return

6/7/2005 78.13 -0.32% $3.570 -1.65%

6/8/2005 77.00 -1.44% $3.450 -3.36%

6/9/2005 77.63 0.81% $3.570 3.48%

6/10/2005 76.25 -1.77% $3.350 -6.16%

6/13/2005 76.25 0.00% $3.400 1.49%

6/14/2005 76.50 0.33% $3.400 0.00%

6/15/2005 77.75 1.63% $3.580 5.29%

6/16/2005 80.13 3.05% $3.860 7.82%

6/17/2005 81.25 1.40% $4.090 5.96%

6/20/2005 81.25 0.00% $4.050 -0.98%

6/21/2005 80.50 -0.92% $3.900 -3.70%

6/22/2005 80.50 0.00% $3.930 0.77%

6/23/2005 81.38 1.09% $4.070 3.56%

6/24/2005 82.88 1.84% $4.280 5.16%

6/27/2005 82.50 -0.45% $4.190 -2.10%

6/28/2005 82.25 -0.30% $4.200 0.24%

6/29/2005 83.38 1.37% $4.340 3.33%

6/30/2005 82.13 -1.50% $4.100 -5.53%

7/1/2005 81.50 -0.76% $4.090 -0.24%

7/5/2005 82.00 0.61% $4.160 1.71%

7/6/2005 82.25 0.30% $4.150 -0.24%

7/7/2005 82.63 0.46% $4.230 1.93%

7/8/2005 82.88 0.30% $4.320 2.13%

7/11/2005 84.50 1.96% $4.430 2.55%

7/12/2005 85.88 1.63% $4.700 6.09%

7/13/2005 87.38 1.75% $4.810 2.34%

7/14/2005 85.75 -1.86% $4.640 -3.53%

7/15/2005 86.00 0.29% $4.650 0.22%

7/18/2005 87.25 1.45% $4.850 4.30%

7/19/2005 87.63 0.43% $4.840 -0.21%

7/20/2005 87.88 0.29% $4.940 2.07%

7/21/2005 88.50 0.71% $5.000 1.21%

7/22/2005 89.63 1.27% $5.150 3.00%

7/25/2005 90.25 0.70% $5.220 1.36%

7/26/2005 90.25 0.00% $5.200 -0.38%

7/27/2005 88.38 -2.08% $5.000 -3.85%

7/28/2005 78.50 -11.17% $5.200 4.00%

7/29/2005 80.38 2.39% $5.590 7.50%

8/1/2005 60.63 -24.57% $2.840 -49.19%

8/2/2005 60.25 -0.62% $2.790 -1.76%

8/3/2005 60.50 0.41% $2.850 2.15%

8/4/2005 61.25 1.24% $2.870 0.70%

8/5/2005 61.75 0.82% $2.980 3.83%

8/8/2005 61.63 -0.20% $2.950 -1.01%

8/9/2005 60.50 -1.83% $2.660 -9.83%

8/10/2005 59.13 -2.27% $2.500 -6.02%

8/11/2005 58.88 -0.42% $2.390 -4.40%

8/12/2005 58.25 -1.06% $2.280 -4.60%

8/15/2005 58.13 -0.21% $2.240 -1.75%

8/16/2005 58.50 0.65% $2.390 6.70%

8/17/2005 58.63 0.21% $2.390 0.00%

4 of 6

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 211 of 218
Exhibit 12B

Date

 Convertible Notes 

Matrix Price 

 Matrix Price 

Return 

Common Stock 

Closing Price

Common Stock 

Return

8/18/2005 58.25 -0.64% $2.290 -4.18%

8/19/2005 57.13 -1.93% $2.120 -7.42%

8/22/2005 57.13 0.00% $2.100 -0.94%

8/23/2005 56.75 -0.66% $2.030 -3.33%

8/24/2005 57.63 1.54% $2.240 10.34%

8/25/2005 57.13 -0.87% $2.110 -5.80%

8/26/2005 57.50 0.66% $2.200 4.27%

8/29/2005 57.63 0.22% $2.200 0.00%

8/30/2005 58.50 1.52% $2.310 5.00%

8/31/2005 58.75 0.43% $2.380 3.03%

9/1/2005 59.50 1.28% $2.450 2.94%

9/2/2005 59.13 -0.63% $2.430 -0.82%

9/6/2005 59.25 0.21% $2.450 0.82%

9/7/2005 59.13 -0.21% $2.410 -1.63%

9/8/2005 59.13 0.00% $2.390 -0.83%

9/9/2005 58.88 -0.42% $2.350 -1.67%

9/12/2005 59.13 0.42% $2.430 3.40%

9/13/2005 57.88 -2.11% $2.240 -7.82%

9/14/2005 58.25 0.65% $2.240 0.00%

9/15/2005 57.63 -1.07% $2.150 -4.02%

9/16/2005 56.63 -1.74% $2.070 -3.72%

9/19/2005 56.50 -0.22% $1.920 -7.25%

9/20/2005 56.00 -0.88% $1.850 -3.65%

9/21/2005 54.88 -2.01% $1.570 -15.14%

9/22/2005 55.25 0.68% $1.680 7.01%

9/23/2005 52.75 -4.52% $1.660 -1.19%

9/26/2005 51.88 -1.66% $1.490 -10.24%

9/27/2005 51.88 0.00% $1.520 2.01%

9/28/2005 52.75 1.69% $1.690 11.18%

9/29/2005 52.38 -0.71% $1.570 -7.10%

9/30/2005 52.63 0.48% $1.650 5.10%

10/3/2005 52.75 0.24% $1.680 1.82%

10/4/2005 53.25 0.95% $1.730 2.98%

10/5/2005 52.75 -0.94% $1.650 -4.62%

10/6/2005 53.13 0.71% $1.710 3.64%

10/7/2005 52.88 -0.47% $1.670 -2.34%

10/10/2005 52.50 -0.71% $1.600 -4.19%

10/11/2005 52.13 -0.71% $1.550 -3.13%

10/12/2005 52.00 -0.24% $1.530 -1.29%

10/13/2005 51.63 -0.72% $1.460 -4.58%

10/14/2005 51.75 0.24% $1.490 2.05%

10/17/2005 51.75 0.00% $1.480 -0.67%

10/18/2005 51.75 0.00% $1.450 -2.03%

10/19/2005 51.75 0.00% $1.450 0.00%

10/20/2005 51.50 -0.48% $1.440 -0.69%

10/21/2005 51.63 0.24% $1.440 0.00%

10/24/2005 51.25 -0.73% $1.400 -2.78%

10/25/2005 51.00 -0.49% $1.330 -5.00%

10/26/2005 50.13 -1.72% $1.200 -9.77%

10/27/2005 50.13 0.00% $1.150 -4.17%

10/28/2005 49.63 -1.00% $1.120 -2.61%

5 of 6

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 212 of 218
Exhibit 12B

Date

 Convertible Notes 

Matrix Price 

 Matrix Price 

Return 

Common Stock 

Closing Price

Common Stock 

Return

10/31/2005 50.25 1.26% $1.250 11.61%

11/1/2005 50.38 0.25% $1.220 -2.40%

11/2/2005 50.25 -0.25% $1.180 -3.28%

11/3/2005 50.38 0.25% $1.240 5.08%

11/4/2005 50.38 0.00% $1.210 -2.42%

11/7/2005 50.50 0.25% $1.240 2.48%

6 of 6

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 213 of 218
Exhibit 13 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 214 of 218
Exhibit 13 

Isolagen

Regression Analysis (Returns of Convertible Notes vs. Returns of Common Stock)

Regression Statistics

Multiple R 0.89713R Square 0.80484Adjusted R Square 0.80382Standard Error 0.01126Observations 193ANOVA

df SS MS F Significance F

Regression 1 0.09983 0.09983 787.67520 1.097E-69Residual 191 0.02421 0.00013Total 192 0.12404

Coefficients Standard Error t Stat P-value Lower 95% Uppe

Intercept -0.00096 0.00081 -1.18158 2.388E-01 -0.00256 Common Stock Return 0.46004 0.01639 28.06555 1.097E-69 0.42771 Regression Period: 11/3/2004 - 8/9/2005Dependent Variable is Isolagen Convertible Notes return

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 215 of 218
Exhibit 14 

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 216 of 218
Exhibit 14 

Isolagen (ILE)

Control Period: Calendary Year 2004; Market Index: NAN

Company Ticker Source T-Stat

Aastrom Biosciences ASTM DEF 14A - 4/29/2005 -1.764

Advanced Neuromodulation Systems, Inc. ANSI Part of Medical Index in CIBC Analyst Report (4/25/2005) -1.285

Affymetrix Inc AFFX Component of AMEX Biotech Index as of 12/31/2004 1.001

Allergen AGN Competitor listed by Yahoo Finance 0.569

Amgen Inc AMGN Component of AMEX Biotech Index as of 12/31/2004 -0.443

Applera Corp - Celera Group CRA Component of AMEX Biotech Index as of 12/31/2004 0.197

Artes Medical Inc. ARTE 10K - Filed on 4/28/2004 *

Barr Pharmaceuticals Inc BRL MSN Index of Generic Drug Companies 0.087

Baxter International Inc. BAX Part of Medical Index in CIBC Analyst Report (4/25/2005) 0.587

Becton Dickinson & Co. BDX Part of Medical Index in CIBC Analyst Report (4/25/2005) 1.380

BioForm Medical Inc. BFRM 10K - Filed on 4/28/2004 *

Biogen Idec Inc BIIB Component of AMEX Biotech Index as of 12/31/2004 0.825

Boston Scientific Corp. BSX Part of Medical Index in CIBC Analyst Report (4/25/2005) 2.111

C.R. Bard Inc. BCR Part of Medical Index in CIBC Analyst Report (4/25/2005) 0.256

Caraco Pharmaceutical Laboratories Ltd CPD MSN Index of Generic Drug Companies -0.592

Cardiac Science Inc DFIB Part of Medical Index in CIBC Analyst Report (4/25/2005) -0.126

Catalyst Pharmaceutical Partners Inc CPRX MSN Index of Generic Drug Companies *

Celgene Corp CELG Component of AMEX Biotech Index as of 12/31/2004 0.024

Cephalon Inc CEPH Component of AMEX Biotech Index as of 12/31/2004 -0.031

Chiron Corp CHIR Component of AMEX Biotech Index as of 12/31/2004 -0.782

Coherent Inc. COHR 10K - Filed on 4/28/2004 -0.995

Conceptus Inc. CPTS Part of Medical Index in CIBC Analyst Report (4/25/2005) 0.779

Conor Medsystems, Inc. CONR Part of Medical Index in CIBC Analyst Report (4/25/2005) *

Datascope Corp. DSCP Part of Medical Index in CIBC Analyst Report (4/25/2005) 1.276

Enzon Pharmaceuticals Inc ENZN Component of AMEX Biotech Index as of 12/31/2004 0.699

Genentech Inc DNA Component of AMEX Biotech Index as of 12/31/2004 1.441

Genzyme Corp GENZ Component of AMEX Biotech Index as of 12/31/2004 -0.127

Gilead Sciences Inc GILD Component of AMEX Biotech Index as of 12/31/2004 0.526

Guidant Corporation GDT Part of Medical Index in CIBC Analyst Report (4/25/2005) 1.863

Helicos BioSciences Corp HLCS MSN Index of Generic Drug Companies *

Hi-Tech Pharmacal Inc HITK MSN Index of Generic Drug Companies -0.587

Human Genome Sciences Inc HGSI Component of AMEX Biotech Index as of 12/31/2004 1.179

Inamed Corporation IMDC DEF 14A - 4/29/2005 1.506

Integra Lifesciences IART DEF 14A - 4/29/2005 0.287

Invitrogen Corp IVGN Component of AMEX Biotech Index as of 12/31/2004 2.012

LifeCell Corporation LIFC DEF 14A - 4/29/2005 0.046

Medicis Pharmaceutical Corp. MRX 10K - Filed on 4/28/2004 -1.470

Medimmune Inc MEDI Component of AMEX Biotech Index as of 12/31/2004 -0.979

Medtronic Inc. MDT Part of Medical Index in CIBC Analyst Report (4/25/2005) 1.105

Mentor Corporation MNT DEF 14A - 4/29/2005 -0.524

Millennium Pharmaceuticals Inc MLNM Component of AMEX Biotech Index as of 12/31/2004 0.528

Mylan Ord Shs MYL MSN Index of Generic Drug Companies 0.987

North American Scientific Inc. NASI Part of Medical Index in CIBC Analyst Report (4/25/2005) 0.558

Obagi Medical Products OMPI Competitor listed by Yahoo Finance *

Orbus Pharma Inc OBSPF MSN Index of Generic Drug Companies *

PDL BioPharma Inc PDLI Component of AMEX Biotech Index as of 12/31/2004 0.389

Pharm Resource Ord Shs PRX MSN Index of Generic Drug Companies 0.307

Pro-Pharmaceuticals Inc PRW MSN Index of Generic Drug Companies 0.265

Regeneration Technologies RTIX DEF 14A - 4/29/2005 0.816

St. Jude Medical Inc. STJ Part of Medical Index in CIBC Analyst Report (4/25/2005) 1.880

Swiss Medica Inc. SWME Mentioned in CIBC Analyst Report (5/11/2005) -0.420

Syneron Medical Ltd. ELOS Part of Medical Index in CIBC Analyst Report (4/25/2005) *

Companies Considered for Industry Index

1 of 2

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 217 of 218
Exhibit 14 

Company Ticker Source T-Stat

Vertex Pharmaceuticals Inc VRTX Component of AMEX Biotech Index as of 12/31/2004 0.039

Viasys Healthcare Inc VAS Part of Medical Index in CIBC Analyst Report (4/25/2005) -0.612

Watson Pharmaceuticals Inc WPI MSN Index of Generic Drug Companies 0.624

AMEX Biotech Index BTK AMEX Biotech Index (Current Composition) 0.837

* No prices for this security

2 of 2

Case 2:05-cv-04983-RB Document 99-4 Filed 02/04/08 Page 218 of 218